For months now, we’ve been hearing rumors about a new mystery phone out of Google and Motorola called the Moto X. Now it’s official, and Google may just have a hit on its hands.

First things first, what is the Moto X? Well, it’s the new flagship smartphone designed by Motorola and Google. It’s intention to shake up the smartphone market by introducing a number of new elements that haven’t been seen in smartphones yet. Some of those things include sensors that can detect movement and voice, and react accordingly.

Here’s a taste of what the Moto X is capable of with just voice and Google Now:

Speaking of sensors, Motorola is making a big deal out of its new camera that can be activated through two quick flips of the wrist. Here it is in action:

As you may have noticed in the above trailers, one of the taglines is “Designed by you.” In fact, it may be the most important aspect of the Moto X. In the coming months, Motorola will open a Web app called Moto Maker that lets consumers design their own Moto X. Here are the details:

Your Moto X is truly yours, because you design it. Through our online studio, Moto Maker, you choose the colors, and decide on the details: front, back, accents, memory, wallpapers, even add a name or a short message. When you’re done, we assemble your Moto X right here in the USA and ship it to you for free in 4 days or less.

Choose from more than 2,000 possible combinations, with more to come. We’ll be constantly exploring new offerings, such as real wood backs, starting later in the year.

That all seems cool, but what about the specs? A smartphone is only as good as the hardware that powers it. In that area, the Moto X is doing pretty well for itself. The heart of the device is referred to as the Motorola X8 Mobile Computing System. It contains a 1.7GHz dual-core Qualcomm Snapdragon S4 Pro and two additional low-power processors to handle speech and touch recognition. As for the other specs, it’s equipped with Android 4.2.2, 2GB of RAM, 16GB of internal storage, a 4.7-inch 720p display, a 10MP rear camera and a 2MP front camera.

Also of note, the Moto X does feature support for 4G LTE. It seems pretty obvious at this point, but you can never be too sure as Google’s own Nexus line of smartphones still only support up to HSPA+.

So, when will you be able to get your hands on the Moto X? Motorola says that the phone will be available in late August on AT&T, Sprint, US Cellular and Verizon for $199 on contract. The device will also be available unlocked via Motorola’s own Web site and Google Play at a later date, but Motorola isn’t saying how the unlocked version will cost.