http://gizmodo.com/5520164/this-is-apples-next-iphone
Yup. Gizmodo got their hands on it.
It's been remotely wiped, but they opened it up and all the components align with what would make sense for an actual iPhone. They said that plugging it into a computer turned the screen on, and the USB icon was so sharp, they could not discern actual pixels. Also, there is a front facing camera.