Intel CEO Paul Otellini just told investors that the company's first smartphone is ready for launch. On a Q1 financial earnings call, he said that "the launch of our first Intel architecture-based smartphone" will occur "later this week." You shouldn't necessarily expect to get your hands on a new Atom-based smartphone yourself, though, because last we heard the Lenovo K800 will be the first Intel phone, and that particular 4.5-inch, 1.6GHz Atom Z2460-powered Android 4.0 device is only slated for China right now.

Feel free to live vicariously through us, though, by watching our CES 2012 hands-on video of the Lenovo K800 below, and look forward to Intel phones from Motorola and other OEMs over the coming year.

Update: We're hearing that rather than the Lenovo K800, the first Medfield smartphone might be the Lava Xolo X900, which is rumored to launch in India on April 19.