Early reports suggest Google may be considering the release of a Google branded netbook running Chrome OS.
According to a TechCrunch report, Google has already contacted at least one hardware manufacturer about this.
Google has, according to multiple sources, been talking to at least one hardware manufacturer about building a netbook for Google directly. As in Google gave the company a RFP with quite detailed technical specifications and has begun discussions on building it.
A request for proposal (referred to as RFP) is an invitation for suppliers, often through a bidding process, to submit a proposal on a specific commodity or service. [W]
Arrington speculates that Google may be considering an ARM CPU or even targeting Nvidia's Tegra line which can display HD Flash video with no problems at a fraction of the power usage.
Considering a Google Phone is almost a certainty, a Google Netbook isn't much of a stretch.