Not actually a Zune phone, but a parody of one. First you have this video and the following pic of a Zune phone concept. People love to make fun of our favorite Redmond gadgets.
Seriously though, as I feel like I am constantly say here, something needs to be done in order to build brand identity if Microsoft is going to compete in the consumer market. Much of the branding Microsoft has done in the corporate environment works great. For example, using the long names like 2007 Microsoft Office System Professional, those long drawn out names work okay in the corporate world, but not in the consumer world. It appears as a company though, Microsoft is trying to create two distinct brands one for the consumer (Xbox, Zune, Live, Vista) consisting of very simple names, and the original brand that we know for the corporate world.
So should there be a Zunephone? Some say yes, others say no we already have Windows Mobile. Most corporate folks know Windows Mobile and love it for its ability to connect with back office systems. In addition, many users of Windows Mobile know that the OS also provides extensive media capabilities, Web browsing, and other great features that would be attractive to the general consumer.
One suggestion is to create two flavors like Microsoft is doing with Vista, you have Vista Home, and Vista Business. Same brand, but obviously have a different segment targeted. Using this example, create a Windows Mobile Business, and a Windows Mobile Home, one aimed at the corporate person and the other aimed at the consumer.
Will that strategy work? Well, after asking my daughter what Windows Mobile was, her response was "I dunno?". She does however know what a Zune, and an iPod is. Branding is going to require them to decide who are they marketing the product to? If it is the non-corporate, non-tech user, then building brand identity with the Zune should be carried over to the phone. It would still be a variation of Windows Mobile under the covers (as Zune is today), but a Zunephone to the masses.