It looks like the Zune HD is real. Here are the details, courtesy of CNET:

Microsoft on Tuesday confirmed its plans to take on the iPod Touch with a new, touch-screen Zune that will be able to surf the Web, play high-definition movies, and tune in to digital radio.

The Zune HD, which will be available in the U.S. only starting this fall, features an HD Radio tuner as well as an organic light-emitting diode (OLED) touch screen, Microsoft said. It is based on Windows CE and will use a version of Internet Explorer customized for its touch screen, Microsoft said.

The software maker did not announce pricing or capacity, though it said the device will use flash memory and attempt to take on Apple's high-end iPod models.

Zune buyers will also be able to play HD content on their TVs via a dock.

At next week's E3 trade show in Los Angeles it will announce details on a new Zune-branded video service for the Xbox that will replace the current Xbox Live marketplace for TV and movies.

Microsoft plans to continue selling its hard drive-based model, which will have a software QWERTY keyboard, but said it plans to eventually discontinue its other flash models in favor of the Zune HD.

I can’t recall if I had stated this date explicitly before, but I have been told that Zune HD will ship on September 5, 2009.