Zune Phone Is Real, Codenamed “Pink”?

The Zune phone…a rumor that has floated around, and will continue to until it actually comes out. Jim Goldman from CNBC says that according to a good source:

Microsoft is “ready to give a major facelift to the company’s Zune music player that could mean its evolution into a new smart phone from the company.” The project is codenamed Pink and “will combine the company’s Zune and technology from Microsoft’s purchase of Danger Inc.”

Update: If this rings a bell, it’s because others have, in the past, referred to Microsoft’s mysterious consumer smartphone initiative as “Pink” or “Purple and Pink”

So is it coming out or not? We don’t know, but I guess we can just…wait and hope?