Motorola Shadow is Nexus Two with sliding QWERTY keyboard?

The gang at Mobile01 have laid out two more photos of what is being called the Motorola Shadow (not to be confused with the T-Mobile Shadow), which in a nutshell looks like Droid / Milestone with a white keyboard and wrist strap. Even more interesting is the assertion that this could be Google's next flagship device, here lovingly dubbed the Nexus Two.