New iTunes Phone?

Peter Rojas of Engadget fame has posted the above picture wondering aloud to the innermost ear of the Internet: "Is this the iTunes phone?"

If it is, you can tell that Apple had less to do with its design than Motorola did. I think it looks like one of the robot suppositories I've read about in Star Wars fan fiction of the most horrible kind. Scott, on the other hand, says he likes it, and that it looks like "a phone... FROM THE FUTURE!"

What do you think? Is this it?