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I announced the device here:
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It's a very flagship smartphone. It has been mentioned on our social channels for a while that it will be the case. Leagues better processor, GPU, Display, Camera, almost everything from most of the supported Pixels overall.

Eventually other phones will be supported, and as these flagship processors become previous-gen stuff, you should hopefully see cheaper phones in the far future as well... this is not something guaranteed though, and there are still 'a' Series Pixels for people who don't want to open the pockets for this.