This could be a bit premature, as this photo is very rough and we don't have any info on it. The picture here is supposedly a new Motorola phone. The lack of markings on the phone as well as the less than perfect quality of the photo makes me skeptical, but that doesn't mean we can't dream.
The phone seems to be lacking physical buttons, but if you look closely there appears to be a fairly thick strip of darker black at the bottom of the phone that seems the perfect home for some un-illuminated capacitive buttons. Given the disappointment we all experienced over the fake Nexus s leak not too long ago, it makes it that much harder to give an picture like this a fair chance. If the phone is real it seems to have an interesting design.
There doesn't appear to be a Motorola logo on it, but the design seems to have some very Moto aspects to it. The straight edges invoke the original droid in some respects. There is a seam along the bottom of the phone, which could indicate a slide out keyboard, but the area of the seam looks to small for that to be the case.
The last, and perhaps most glaring thing to note here is the orange ribbon out the side. The phone in this image is clearly still in development (given the lack of branding) and this is likely just an extension of an input port to allow for easier engineering work. This does bring up the fact that there is no input on the bottom of the phone, suggesting that ports may be located on the side. This gives the picture some credence, given Motorola's announced plans to continue to support their webtop platform, but only time will tell if this one's real.