We’ve been waiting a long time for this one: the arrival of the Google-powered cell phone. For now, it’s only being carried by T-Mobile in the U.S. and comes wrapped in a touch-screen phone made by HTC. More details here. Why is this a big deal? This is Google’s first big step beyond the confines of the PC and into the world of mobile Internet technology. It’s a vast, untapped new market that Google seems well positioned to take advantage of through things like Google Maps, Gmail, and its well-oiled advertising system. The first GPhone doesn’t have the polish of the Apple iPhone, but no doubt Google is hoping its phone software will have mass-market appeal. The big question now is, is it too late to this game to catch up to a dominant Apple?