In my opinion, Engadget seems to be taking the most sensible opinion from what I have read. They are skeptical of the story, noting that the phone is facing exactly the same direction as the photograph previously leaked.
Phandroid mentions that having the opportunity to "see some “anonymously uploaded” videos of this thing in action pretty soon" would be even better.
As I try believe this isn't an elaborate photoshop job, I notice other things. Looking at the picture, I can't help but notice how strangely that man is holding the phone. Assuming he knew what it was (which he did since he sent the photo to Gizmodo), why would he hold it with only one hand, and in such a manner?
What's more, why would he only take one picture of it and not place it on a surface to take better pictures of it? Finally, the Snapdragon processor does not agree with what we have previously heard being rumored about the device. Too many things don't add up for me to believe this story.
One thing is for sure however. People are definitely interested in the latest from the Droid line of phones.
UPDATE: We now have a second picture of the new Motorola device, this time from the side. This picture reportedly comes from the same guy that released the "Getting Started" guide photo. The best part: it comes complete with an anti-Gizmodo addition on the side of the phone. The latest rumors on specs match up with what I reported two days ago here. You can clearly see the HDMI port on the side now.
Image from Gizmodo