There is almost no information to be had on HP's plans though. So far, all that we know is that there are some nebulous "trusted source" who says that HP has been working on a smartphone for a while now and that it is expected to be running Windows Phone 8. Beyond that, we can speculate and hope, but there is no concrete evidence about what is in the works. HP would be jumping in at an interesting time as Windows Phone GDR3 is on the horizon which will bring support for quad-core devices, 1080p displays, and a wider array of screen sizes.
Of course, HP has had an up-and-down experience with the mobile space in the past. HP did well way back in the days of Windows Mobile, but fell off when it purchased webOS from Palm, and has been in limbo since. We can't say we have a lot of faith in the company at this point, but we're certainly interested to see what it can offer.