This post is short for a reason, I don't have any real details. Still, expect more information about a Zune integrated with a phone later this year. Some might call it a ZunePhone, but whatever you call it know that it is for real and has a dedicated team at Microsoft now creating the v1 product.
Call it pure speculation if you must, but it is real.
Update: "Come and join the “Connected Entertainment” experience on mobile handsets - the most ubiquitous, most personal and most used devices in the world. We are a rapidly growing, V1 product team with great opportunities for motivated individuals who can hit the ground running! "
Anyone want to join?
Microsoft, Zune, ZunePhone, Zune Mobile, Digital Media, Portable Media