Right now, the people at T-Mobile and Google just might be quoting the late B.I.G.’s famous line of, “Your reign on the top was short like leprechauns” referring to the all mighty Apple Corporation and its iPhone.

Reasoning being: The cell phone giant and the most recognized search engine this side of the universe has teamed up to create the new G1 smart phone (powered with Google’s Android Operating System).

The new toy for grown men will be available just in time for Christmas with an October 22, release date and a hefty $399.99 price tag, but for existing T-Mobile customers, $179.99.

That’s probably the reason why the first and second rounds of pre-ordering has been already filled up with over 1.5 million people laying in wait for their new status symbol to arrive. And who said the world was going through a financial crisis?!