Over at PPCSG, a user called "cheong79" has posted a photo of an O2 Pocket PC Phone Edition which looks like the black edition of the Xda mini but clearly it isn't a HTC Magician, even if it looks like its black brother.
The button-alignment is a different one as well as it looks as it has stereo-speakers (left and right from the lower buttons).
According to "cheong79", the device is called "Xda Atom" and at the moment, nothing else is known.
I have no idea yet, what this device is, where it comes from and when and where it will be released but it's looking good. It looks a little bit like a multimedia Xda, with the plus/minus/previous/next signs on the d-pad.
Either this is a well done fake or it's real but unknown until today. For me, it doesn't looks like a fake at all.
UPDATE: Looks like CNet Asia got more information already since the news was revealed there also. However, right now also CNet hasn't published any specs but what I've heard - the devices is for sure a Windows Mobile 5.0 one (not like the previous Xda mini which is utilizing Windows Mobile 2003 Second Edition only).
Cheers ~ Arne