A picture has surfaced of what appears to be a Sony Ericsson Windows Phone, sporting a slide-out QWERTY keyboard, akin to the LG Qunatum and HTC 7 Pro. The picture evidently appeared on Lizhecome and was picked up by Xperia Blog.
As Pocketnow points out, some of those tiles look like the old, early development ones from when the OS was first introduced in February 2010. That could either mean this was a prototype device, back when SE was announced as a key launch partner, or...ya know, it's fake. We're leading towards the former theory though only because of the hardware buttons--those don't looked photoshopped to our eyes and would be a lot harder to fake than a single screen shot.
If it is a prototype, it sure looks nice and we hope SE has a change of heart soon and maybe brings this out. Anywho, discuss away on your theory.