This is cool! If you want to have a mobile phone based on Linux and pure OpenSource software, OpenMoko might be the right thing for you! I’m not so much in mobile development, but I find this almost more appealing than the iPhone, which at the moment is a very closed platform. If I find some time for a hobby like this, this US-$ 300 would be a nice investment. I hope this becomes a success to reward the company and the idea to explictly invite hackers/developers (both software & hardware) to improve a phone. A nice contrast to the usual anti-reverse-engineering and “hacking” philosophy most companies go along with.
Edit 2007-07-18: I accidentially misspelled OpenMoko as OpenMonko in the inital release, both in the title and in the text. I corrected this and the URL of the article to reflect the real name of the project: OpenMoko.