1. While the announcement is all about “Phone”. Google is actually trying to creating the “ubiquitous mobile computing platform“. Lofty goal I’d say.
2. Mobile Designers and Developers will have one more OS to deal with – and that’s not necessary a good thing. Have to download yet another SDK and making sure yet another emulator running correctly on your dev system is not fun.
3. Fragmentation of the whole Mobile User Experience continues for the consumers. Android is not going to fix that.
4. Android is clearly a part of Google’s 700MHz strategy (in the US). First real Android (hardware) will be out by 2nd half of 2008, and 6 months later (2009) just in time where we’ll see 700MHz goes live. Perfect timing as far as Google is concern.
5. Google did not demo any prototype, yet. That means “things are not ready” in the most literal sense.
6. General consumers expectations and hype are WAY high, and that’s a bad thing for Google. Android better live up to the hype.
7. It takes years for S60, Windows Mobile, RIM etc. to get to where they are at as far as their market standing is concern. It will take at least a few years for us to find out if GPhone will be successful. Apple is not a good reference point of comparison since they worked on the first gen. iPhone for 2.5 years and have both the hardware and software controlled tightly. Android is a very different animal.
8. Motorola, LG, and Samsung of the world are not likely to switch their entire platfrom to the Android. If Google’s lucky, they might get a major manufacturer to produce 5 handset types for the year, and that trickle down to, say, 2-3 Android enabled handset from your friendly local carrier. Not to mention, the carriers are tier 2 or tier 3 players (in the US). I don’t see “iPhone Phenomenon” on Day One.

Extra Credit Reading: Gizmodo’s Analysis by Wilson Rothman. Nice quote, “Why will Android succeed where Symbian, Palm OS and Windows Mobile have failed?”. I don’t think those OSses totally failed but it’s certainly something interesting to watch.