Gizmodo has reported that the photo above (image was removed for copyright issues) may well be the first shots of Zune Flash. Gizmodo also has the photo of Zune 2.0, similar to flash zune but with a fatter frame. They said that the photos came from a source who cites marketing materials, like from a retail channel. It was also re-confirmed by another source as well.
Zune Speculation Specs
According the the source (and the image), the New Zune would be an 80GB device that is available in black..(black only you say!? i don't know) While the flash Zune would be coming in 4GB and 8GB models with an option of Black, Red, Pink and Green colors.
Hoax?
I for one don't think that this is the official marketing pictures of the new zune, just look at the 2 pink Zune on the left and right, the red Zune on the left is overlapping the button on the pink zune while on the right, it barely even touches it. A slight hint that those who made these mockup do not really care on alignment and consistency.
On the other hand, these may actually be it! The theme, the buttons, it does look zune-ish to me... It is noticeable that they didn't include the color brown, maybe they decided to dump it already since the brown zunes are the lowest sellers among the black and white devices.
What do you think of the new zune design?