Meet the Nexus Two. Well, a mock-up of the Nexus Two. According to tech blog Gizmodo, a "friend" had the chance to check it out, and it looks something like the mock-up above.
It's described as "black and shiny, built with glossy plastic." It's said to be tapered so that it feels a bit thinner than the Galaxy S, however, it may be the same thickness.
It's also said that the device has a front-facing camera. This also makes sense because of rumors that Google is trying to put video chat into Gingerbread.
As far as the insides go, not much is known. Though it's reported that it may carry the same internals as the Galaxy S.
Keep in mind that this is all rumor for now, but the hardware does seem within the realm of possibility.
You can also check out our thoughts on the Nexus One here.