According to The Wall Street Journal, Microsoft will be announcing its line of "Project Pink" phones in a press conference on April 12th. The devices are said to be geared towards "younger users" and those that use social networking on a daily basis. Manufactured by Danger (the Microsoft division that manufacturers the Sidekick line of devices), the "Project Pink" phones are said to be exclusive to Verizon Wireless in the US and will offer a special operating system (in other words, not Windows Phone 7). No word on pricing or official release dates, though I imagine it will become clear on the 12th.
PhoneDog will be on hand to provide live coverage of the event, so stay tuned!