From iLounge (read the update):

The rumor turned out to be true. From what we understand, Microsoft previewed the new Zune to its favorite people (developers) today; the actual product rollout is coming at a later date. While we don’t yet know exactly what was shown, it appears to be on an excitement level roughly parallel to the first Zune: “not bad,” rather than “cool” or “wow.” This isn’t surprising, as Microsoft reserved the “wow” for Windows Vista; we’ll have to see whether any additional updates trickle out from the preview later today.

I suppose they mean it, despite the 2 ironic links in the update.

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