Now, let's not quibble over minor missing features like "physical existence". Surely they can patch that after the initial release.
Instead, we should think about all the great things we can do with the imaginary Android phones that are available today. My older model is relatively limited, but I'm told that the new Android 3e^i, shipping in July, will cure cancer!
Google delayed their handset. No word about other carriers.
Problem is that many carriers are backtracking on their support for Android. Google hoped that the newly opened spectrum would be a fertile ground for Android and now it looks like Verizon will fight Google over that agreement with FCC. It will be a mess in any case.
If I were betting money on mobile market, I'd bet on Apple.