All of that Project Pink/Zune Phone rumor madness is back with one statement by Jefferies analyst Katherine Egbert:

"Our recent industry checks indicate Microsoft will be debuting its own phone sometime in the next two months...We expect the new phone to debut soon, at either the Feb 15-18 Mobile World Congress conference in Barcelona Spain, or possibly at CTIA in Las Vegas one month later."
Egbert believes that the Zune Phone will be birthed from a Microsoft/OEM partnership similar to what we've seen between Google and HTC with the Nexus One. She also believes the phone will feature a 5MP camera and 720P video support—neither of which are huge stretches of the imagination

http://gizmodo.com/5451916/zune-phon...ed-in-2-months