LG has recently as it successfully tested the world's first LTE chip for mobile phones. The chip was able to provide data speeds of 60Mbps downlink and 20Mbps uplink, which is much faster than the bandwidth of existing wireless networks.
The chip measures 13mm x 13mm, and theoretically the aforementioned speeds are not the limit.
The first LTE-equipped handsets are expected to appear in 2010. The carriers will be able to adjust and test their networks by then.