Is a new form factor Palm Treo on the way?

This weekend has been full of new Palm Treo rumors and I read most of the details on PalmInfocenter. There have been rumors of a device with the code name of Gandolf for at least a year and now rumors state that this device runs Palm OS Garnet (5.x) and will debut on Sprint for around US$200. The blog Morning Paper first posted the rumor and also the photo you see here. Other details also show a version of the device running Windows Mobile Standard (Smartphone) with Vodafone branding. A non-touch screen Treo would be a first. Credit: Morning Paper

I understand the Treo form factor has been around for a few years and they need a refresh to compete with the slick devices of today, but I don't know if I am sold on the device that is pictured. Many comments on other sites say how ugly the device is. Then again the T-Mobile Dash looked quite ugly in photos, but turned out to be a slick and professional device. What do you think of this new rumored Palm Treo?