MonoDroid IS Mono, not Microsoft. I think it is very unlikely that Microsoft will ever announce anything for Android, as they work on Windows Phone 7.
The Novell team is really working on MonoDroid, which is announced to be released in the fall of 2010, if I'm not mistaken. They are also working on the Moonlight port, which is likely to be released later.
MonoDroid will allow you to develop Android applications using C # instead of Android java. While the language is different, MonoDroid will still allow you to directly evolve against the user interface available on Android, so applications will look native.
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