The technology blog AllThingsD, which is run by The Wall Street Journal reports that Facebook along with HTC is building its own phone. The phone has been code-named “Buffy” after the television vampire slayer, and is supposed to run a heavily modified version of Android.

Facebook recently chose HTC, after considering at least one other potential hardware partner, wich is said to be Samsung. That means the phone is still a long way from hitting the market, potentially as long as 12 to 18 months.

Several analysts and bloggers have already criticized the plans and consider it a bad idea from Facebook to enter the competition already burdened market for smart phones.

“I don’t see how a single handset, even with the Facebook ecosystem shoe-horned into a mobile device, could have an impact in the marketplace,” writes Ewan Spence at Forbes.

However, Ramon Llamas, an analyst at IDC, gives Buffy a chance to succeed, according to Computerworld.

“I think Facebook can make a go of this, [partly] since mobile devices are inherently social,” Llamas said in an email interview. “This is about deeply embedding Facebook into a phone and not just making it an app.”

A spokesman for Facebook declined to comment on Buffy directly, but told AllThingsD:

“Our mobile strategy is simple: We think every mobile device is better if it is deeply social. We’re working across the entire mobile industry; with operators, hardware manufacturers, OS providers, and application developers to bring powerful social experiences to more people around the world.”

Other than that, both HTC and Facebook has declined to comment on Buffy directly.