Is this it?
The rumor blogs are linking to this picture and a few others like at at aMobileME which it says came from tipsters. This design of the phone might be plausible, and then again it might not. But it sure is entertaining to see the ideas come forth.
What makes this one interesting is a line at the lower right of another image a little further down the page that seems to read "Setup note: This board should" the remainder of which presumably might ready something like "not be displayed before January 9, 2007."
Sure it could be a fake. But it's a slow news day. As MacDailyNews points out there is as yet no word on threats from Apple lawyers insisting to take the images down, which is often a pretty good indicator.
Incidentally, in case you missed it "Mobile Me" is another phrase which Apple has a trademark on that has been mentioned as a possible name for the phone, now that "iPhone" appears to be out of the question.
Hey, at least it's better than the stool.