PLEASE DO NOT TAKE THE FOLLOWING THAT SERIOUSLY!
This is Leicas version of Sigma's DP1/2.
Its a 12MP APS-C size sensor.
Fixed 24mm lens - 35mm equivalent.
It has Autofocus.
Also has full manual control over exposure - the two wheels are for aperture and shutter speed.
The built in pop up flash is the round object on the left side of the camera.
There will be an optional (non-EVF) viewfinder for the lens.
The camera + lens is all built in-house in Germany.
Its not an SLR, theres no mirror.
It will be "compact-like" not as small and light as a compact, but lighter & smaller than the M8.
It won't be cheap.
Reasons for this speculation:-
Someones been advising Leica as to how to do 21st. C "teaser" marketing. The X1 tags in their youtube video for example. They know that these things get picked up & circulated very quickly & having us all speculate about what it might be is wonderful publicity.
I don't think its a m4/3 camera. I think that they are going to promote it as a stylish, high IQ "compact like" camera, which is unique to them. I'm not sure that they get a lot from their association with Panasonic. With their current financial situation they need to establish more of their own brand identity.
They can source a good APS-C 12MP sensor from almost anywhere. I hope that, like the M8, it will be AA filterless but with the current market demand for good high ISO performance I suspect it won't be.
Leica know how to make a camera like this - they don't need anyone else to help them come up with a small mirrorless high IQ camera.
They are probably a bit ticked off with olympus & panasonic coming up with retro features on their m4/3 cameras. Seeing the buzz about the EP-1 & GF1 cameras with their retro looks, small light lenses & add-on viewfinders, must make them think "hang on a minute, isn't this what we do?"
I don't think that they are interested in getting into m4/3. This way they make the whole thing and can position themselves where they want to be. i.e. top end, luxury camera makers. Something like "You think the EP-1 is cool, wait till you you put this round your neck!!"
As I said all this is idle speculation & its probably all rubbish. It will either turn out to be a fake or Leica are just rebadgeing some other manufacturers camera. If this turns out to be so then forget you ever read this. If my predictions turn out to be true then remember where you heard it first!!!