Gizmodo has the word from the horse's (sorry Brian Seitz) mouth: No Zune phone is coming at the Consumer Electronics Show.
What might be coming -- and is likely the source of confusion -- the "Pink" premium consumer mobile services.
Pink is not the codename for a phone; it is the codename for a set of services under development (of which a Zune music service is expected to be one). Pink has a business-services sibling; that set of unified-communications mobile services is codenamed "Rouge."
Neither Pink nor Rouge is tied to a specific Windows Mobile release, I have heard. Both are independent, the same way that Windows Live for Mobile services aren't dependent on a particular WinMobile release.
Caveat: Microsoft isn't telling me any of this and won't even confirm the codenames I've heard. Everything I said above is what t I think Pink and Rouge are, based on information from sources who asked not to be named. If anyone has any more specifics to share, feel free to e-mail me privately or post a comment publicly here....