Here are some photos of the new Baby Pink Zune which will be released on 1st May. There is also a photo of an Orange Zune as ZuneScene calls it or the Watermellon Red as Reindorp calls it. In any case both these colors are different from the limited edition and gift Zune versions, or at least they look different on these photos. And there is no visible dual-color effect. EDIT: The photos from ZuneScene are not real ...

Looking at the pictures below, Zune team has abandoned the dual-color effect found on the Brown, Black and White versions before. The dual-shot still exists, but its just transparent. I hope its not hidden because of the angle/lighting when shooting the photos.

Check a Video posted from Cesar Menendez (ZuneInsider) some time ago featuring the limited edition Pink (Magenta) and Orange versions:

The photos of the Baby Pink: 

The Watermelon Red (Orange ?):

Related articles:
Pink Zune & another vibrant color release
Pink Zune goes unlimited edition on 1st May
The vibrant Zune color is Watermelon Red

Paint it Pink ($960) (And so they did!)
An Orange limited edition Zune on eBay (see a photo of the limited edition Orange Zune)
Orange Zune limited edition on Ebay (And another photo)