Rumor: ZunePhone To Debut This Month
No – this is not the ZunePhone. It’s beautiful and I’d love for it to be, but it’s not the ZunePhone. It is a mockup.
That said, according to Spanish site MuyComputer (via Gizmodo), the long-rumored Zune Phone is to be unveiled at Mobile World Congress in Barcelona which runs from February 15 through February 18. The Zune Phone will have a 480 x 272 screen, HDMI video out, weigh around 2.45 ounces (70 grams), and use Windows Mobile 7. Gizmodo seems fairly certain of this rumor and is coming close to vouching for it.
Will Project Pink (or perhaps Project Rosa) help Microsoft see green?

