Many smaller companies around the world complain that a lack of budget is what keeps them from offering up competition against the giants. That theory is about to be put to the test as internet powerhouse Google has decided to take a stab at dethroning the iPhone as the must-have gadget of the moment.

Co-developed with T-Mobile, this new handset will the first mobile device powered by Google's open-source Android operating system. Like the iPhone, this new unit, being labeled the G1, will offer a large touch screen similar to the iPhone, a 3.0-megapixel camera with photo-sharing capability, a trackball, a slide-out keyboard and easy access to Google's email and mapping programs.

The device will be available at T-Mobile stores and online in the U.S. beginning Oct. 22, with a price tag of $179 with a two-year voice and data agreement. It will hit Europe shortly thereafter.

For full specs, click here.