Ok, imagine this for a second. You're Eric Schmidt -- head of the most powerful internet company in the world, worth $4.8 billion dollars, member of Apple's board of directors... and you don't carry Apple's new cellphone. So what's a brother got to do to get a friggin iPhone? Check this:

Walt: "... Steve was flashing his iPhone around. I held it for 20 minutes."
Eric mentions he hasn't held it, and doesn't have one.
Walt: "You're a member of Apple's board!
Eric: "No...I'm still waiting for mine."

So either Eric still has his iPhone in pocket-stealth mode, or Steve's totally stiffing his bud down in Mountain View -- we're bummed either way.

P.S. -Walt asked about the Google phone, which Eric non-denial denied exists. Instead Eric just talked about phones, platforms, application layers, partnerships with KDDI, LG, Samsung, etc.