Rumors have been flying about Motorola's new Tegra 2-powered smartphone, but now a new theory has entered the arena: Moto will actually be using the Tegra 2 in a pair of Android-powered tablets.  This rumor is based on a quote from Moto co-CEO Sanjay Jha from back in May stating that "a companion 7- to 10-inch device in a home will become very important" and that we'll be seeing "some products from [them] in a very short period of time.”  With both a 7- and 10-inch tablet, Moto would be attacking the potential Galaxy Tab crowd and customers looking for a bigger device, like an iPad.  What about the Stingray/MZ600, you say?  The thought is that Motorola is changing codenames to keep us off their trail.

There is also new information to add to the rumor that the Tegra 2 device is a smartphone, as well.  The Tegra 2 superphone has allegedly been spotted as the MB860 Olympus.  While this Tegra 2 phone is still said to be coming to Verizon at some point in the future, some believe that the device will be hitting AT&T first.  The theory is that since AT&T will possibly be losing iPhone exclusivity soon, they'll begin embracing every smartphone platform, including Android.  Finally, the MB860 Olympus was recently spotted getting certified by the Bluetooth SIG.  On it's certification page, the device is listed as being a smartphone.

After considering both of these theories, I'm going to have to side with the smartphone side of the fight.  We've seen the Stingray/MZ600 name dropped a couple of times in the past and, while I'm sure Motorola would like to keep their tablet plans under wraps, I don't think that they'd switch up the codename multiple times just to do so.  Plus, if it's true that the device is the MB860 Olympus, that adds more credence to the smartphone rumor.  The DROID X has the model number MB810, so it stands to reason that something with the model number MB860 would be a smartphone, too.  I've been proven wrong in the past, though, so tell me what you all think about the situation.  Is Motorola going to be using the Tegra 2 in a pair of tablets or a superphone launching on AT&T?

UPDATE: The folks over at Droid-Life have received what they believe to be a screenshot from the "About" section of the Motorola Olympus.  As you can see, the phone/tablet is identifying itself as the MB860 and says that it's running Android 3.0.  Our own Noah Kravitz has heard that Android 3.0 will be the version optimized for tablets, aka Honeycomb.  So does this mean that the Olympus is a tablet?  It's tough to decide right now, as these About screens can be made up fairly easily.  What do you folks think?

Via Phandroid, Droid-Life (1), (2), Android and Me