We've already seen what's been purported to be the Xbox 360 Slim's motherboard, so could this be the systems case?
"Leaked" on the Dutch site Gamekings.tv, we'll admit, we know virtually nothing about the validity of its source. Still, these shots are quite interesting, apparently a tiny version of the Xbox 360 with an otherwise unchanged design - a sort of Xbox 360 Small as opposed to "Slim".
So how is it that these shots could possibly be real? Xbox-related leaks are common. As mentioned above, we may have already seen the motherboard. And a 360 redesign seems to be in the cards. [Gamekings via Maxconsole]
UPDATE: Ugh, as many commenters quickly pointed out, this looks a lot (as in just) like the Xbox 360 HD DVD player. How quickly our memory of that peripheral faded!