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Really interesting point. It will shake things up, but in many respects will breathe new life into a market that is quickly becoming commoditized.
You come out with a new phone, and you KNOW it can only capture a percentage of a small segment of the market. If this thing takes off, someone like Sony can dominate the camera market (which would yield substantial economies of scale). While someone like Samsung could dominate memory and processors.
And ultimately this may just be Google's way of pushing everyone to a la carte/customizable phones.
Plus, we know cross-compatibility will be virtually non-existent, so when you want to upgrade a component you're going to end up upgrading all of them.
Well, I would hope that cross-compatibility isn't an issue. In fact, I would expect that the project will dictate compatibility among all devices just by the very nature of the design.
As for Samsung, well they're the display king, IMHO, so Motorola for the radios, Samsung for the memory, Sony for the camera, IKD, lots of other options. Still, it's very exciting. The first model should be called the "Transformer Turbo"!