This may be the first true iPhone 3G reveal. These pix come from CrunchGear. See several photos there.
Bottom lines: (1) Colors: Black and Red, (2) 3G, (3) 2nd video camera, (4) Thinner! and (5) stereo speakers on back.
[Thanks to Bwana McCall on Plurk for the tip to the story]
Update 11:43 pm: Engadget says they think this is a fake.