Is the Zune Phone Among Us?

Earlier this month, we posted about the viability of a Zune Phone, and if this is the right product at the right time.  The consensus was that Microsoft should stick to making the 2nd gen Zune as strong as possible, and not diluting their efforts with a spinoff Zune Phone.  Could we put this story to bed?  Well, even if I did, I find this now over at Mobile Mag:

Chalk another one for a largely unsubstantiated rumor, but this one is so juicy that we just couldn't pass it up. We've anxiously been awaiting the arrival of a ZunePhone from Microsoft, but it's very well possible that the handset already exists. You might even own it without knowing it.

Their piece goes on to hypothesize that if the venerable Zune 30 can access the new Zune Marketplace, and many Windows Smartphones have WiFi in them, are they just a firmware upgrade away from being a Zune Phone?  This Zune Marketplace functionality may be added with the introduction of Windows Mobile Media 6.1.

I'd like to add that just because a smartphone can access the Zune Marketplace, I'm not sure that in many of our minds that this makes it a Zune Phone.  What about the Zune logo, not to mention the Zune color palette?  While this firmware smartphone Zune is probably possible, I think this is exactly the patched together idea that I hope doesn't get released into the wild unless 100% compatibility and a solid user experience can be ensured.