Believe it or not, this was apparently discovered on the floor in a San Jose bar encased within an iPhone 3G case.
If this does turn out to be the new iPhone, rumored to be available end of June, it would be a complete (and in my opinion uglier) departure from the now iconic iPhone design that has seen little change since its inception. With its flat back this looks more like a Sony Ericsson handset than a Steve Jobs job.
According to Engadget who have managed to get their hands on the device, the phone has a front facing camera, 80GB of maximum storage and was running a newer version of iPhone OS before it stopped booting.
Update: More shots via 9 to 5 Mac