According to Eldar Murtazin, famed Russian leakster, this is the HTC Mazaa, which appears to have a 12MP camera and the ability to shoot in RAW mode if so required. And wait - is that Mango it's running?
While it seems to resemble the Trophy, which was released last year, it could be that Microsoft is testing Mango on an old phone exterior, or that perhaps this mysterious Mazaa (as Murtazin calls it) is simply a recycle of the same design.
Whatever it is, Murtazin has published a 13-minute long video review of this mystery handset, which is running what he alleges to be Mango. [Mobile-Review via WMPoweruser]