If the rumors are right, it looks like the soon-to-be-announced Zune generation 3 devices are just minor bumps to the existing gen 2 models. That is, we're going to get a 16 GB version of today's Zune 4/8, and 120 GB version of today's Zune 80. Zunited provides a few shots:

BTW: Microsoft's Cesar Menendez says that these new devices are just "part of the plan" for the 3G Zune platform:

You've probably all seen about 120GB @the FCC- and just wanted to send you a note to confirm that is indeed part of the plan. There's definitely more details coming in the way of new software and hardware, pricing etc.

Hopefully there's more going on. The Zune software, in particular, is excellent but is also very much incomplete.