It is big news of course, and everyone is talking about it, so there probably isn't too much to add. Except I will point out that:

1. There are other Linux handsets on the way
2. I think more competition in the handset market (even the Linux handset market) will probably be a good thing (some people think Google should have joined one of the other efforts)
3. While a number of handset manufactures have not joined (they are generally part of another group already), Nokia has said that they are considering joining after all.