More details about the mysterious Microsoft “Pink” project continue to leak out (including a possible drawing). The current consensus is that Pink will be a Microsoft branded mobile phone. However, Microsoft would most likely outsource the actual construction of the handset. It will probably have some sort of integration with Zune services, like the excellent Zune Pass subscription based music service.

The Windows Mobile 7 OS will likely serve as the underlying architecture for Pink. Several sites have indicated that Microsoft may start talking about Pink at CES in January. Though, the gadgets themselves probably won’t make an appearance until later in 2010. These rumors about a Microsoft phone have been swirling ever since the software giant acquired Danger in 2008.

Rumors also abound about a possible Microsoft tablet. Microsoft has mentioned that they intended to make a smaller version of the Surface, and this could be it. The initiative may be codenamed “Oahu”, or at least was at some point. However, it’s likely that Microsoft is waiting for Apple to tip its tablet hand. Is any of this a smart move for Microsoft?