First Android Phone:- HTC Dream

Finally the first android phone is here, HTC Dream for T Mobile. The official announcement will be on September 17 and will begin the pre-order soon after that.
HTC Dream specs:-

Touch Screen
Full Qwerty keyboar
3G/ WiFi
Full HTML internet capabilities
Easy access to all Google applications (Gmail, Gtalk, search)
Maps
Street view
You Tube
IM/Text
Email
3.0 megapixel camera
Video (playback only, no recording)
Music player & 1GB memory card pre-loaded
Applications via Google marketplace

Update:-
* 528Mhz Qualcomm 7201 processor
* Data kit for USB connectivity in the box
* 64MB Internal RAM
* 128MB Internal ROM
* 1GB MicroSD card
* 5 Row QWERTY keypad
* Trackball
* Dedicated camera button
* 3.1MP camera (no flash) 2048 x 1536
* Video playback files - H.264, streaming, 3GPP, MPEG4, and Codec 3GP
* Dedicated YouTube Player
* Audio playback files - MP3, AAC, AAC+, WMA, MPEG4, WAV, MIDI, REAL AUDIO, OGG
* Wallpaper supports JPG, BMP, PNG, and GIF
* Speakerphone (mono, natch)
* Ringtones (MP3, AAC, AAC+, WMA)
* HTTP, WAP Push, xHTML
* Bluetooth (class 1)
* Picture Caller ID
* SMS and MMS support (Take that Apple!)
* POP, IMAP, and SMTP, AOL, and GMAIL email
* AIM, MSN, YAHOO, and GTALK messaging
* Quad Band (850, 900, 1800, 1900)
* 3G
* 802.11b & 802.11g
* UMTS (1,4), HSDPA, SUPL
* 1150mAh battery
* Screen size is 3.17″ with HVGA (480 x 320)
* Handset 117 x 55 x 16mm
* 5.6 oz weight
* Sync capable with Google Calendar
* Downloadable content via Android Marketplace
* Google Streetview with built-in compass


Resource:- [Phandroid]