Motorola Inc. (NYSE: MOT)'s desperate attempt to dig itself out of profitless quarters and a huge backlash from the financial community against CEO Ed Zander is coming to a head this month. Later this month, Sprint (NYSE: S) is set to release Motorola's RAZR 2 handset, which has officially been termed as the successor to the original RAZR mobile handset that took the world by storm at the end of 2004 and ended up selling more than 50 million units through its lifespan (which continues today).

Aside from its success with that single product launch in 2004, Motorola has encountered many failures, with product delays, uninspired and RAZR-esque handsets that have no new designs, component shortages, inventory projection misses and just plain boredom. Customers all over the world have sought out trendier designs from competitors Nokia (NYSE: NOK), Samsung and LG (NYSE: LPL) (among many others) and Motorola just kept churning out the same thing in different forms (like flip phones, slider phones and "candybar" phones) for years. Due to not making any money and with sales slowing way down, Zander was on Carl Icahn's noose just a few months back.

Can the RAZR 2 save Motorola? I've pondered this a few times before, and the proof will start to form in the pudding here in a week or so. Once Sprint releases the RAZR 2 for $250 and Verizon Wireless (NYSE: VZ) follows it with an approximate $300 price tag, AT&T Inc. (NYSE: T) will follow -- hopefully in September -- with its own version. Once the RAZR 2 is at the three largest wireless carriers in the U.S., we'll know by the end of this year if it will sell like gangbusters and help rescue Motorola or if mediocre RAZR 2 sales will be the ultimate nail in Ed Zander's coffin at Motorola. Place your bets now.