The long-awaited launch event of Google's Nexus One smart phone is happening right now!

Just as Google has revolutionized pretty much every field they are involved with, many thought that the release of the Nexus One would usher in a mobile revolution as well - unlocked, powerful handsets for a low, ad-subsidized price.

With it being priced at $530USD unlocked (for Canadians, it would likely cost the CAD equivalent of that plus an additional $82), it is looking more and more just like another Android handset and not the revolution that many were hoping for.

Revolution or not, it will still be one of the most powerful handsets on the market and is definitely a phone to watch for this year - Follow the event LIVE via Engadget here!

Update:

Nexus One Website - http://www.google.com/phone/

[Photo credit: Engadget]