Nexus One no more a fable – to launch on Jan 5

Google will announce its Android-based Nexus One smart phone at 10:00 a.m. on Tuesday, January 5, at its Mountain View Googleplex, say the sources.

Now the big question is - how can you be the proud owner of Nexus One?

Well, you can get the Nexus One subsidized or unsubsidized at Google.com/phone (page yet to go live) with some strings attached. The cost of the phone would be $530 unlocked, SIM-free. Or you can get it for $180 if you sign up for the 2-year $79.99 a month T-Mobile plan that gives you 500 minutes talk time, unlimited text, data and mobile to mobile.

There’s a few T&Cs to look out for, though.

Firstly, the buyer must acknowledge that the manufacturer of Nexus One is HTC, and not Google.

Secondly, purchase of the Nexus One will be tied to the buyer's Google account with a strict limit of 5 devices per account.

Thirdly, if you cancel your T-Mobile plan before 120 days, you have to pay the subsidy difference between what you paid for the plan and the unsubsidized price of Nexus One (in other words, you have to cough up $350 or you can also authorize them to charge this directly to your credit card). In the alternative, you can return the phone to Google, no questions asked.

And, finally, buyers are prohibited from shipping the device outside of the US.

Wow! Google sure knows how to arm-twist those who are besotted to Nexus One.

But what the heck? For an unlocked, high-end smart phone, $530 for Nexus One is a pretty decent price, especially as Motorola Droid and iPhone 3GS is selling for much more.