The Wall Street Journal is reporting [based on unnamed sources] that Motorola engineers are working on a super secret special project called the "X Phone". The industry rumor says that this special device is being built in collaboration with their masters (Google). The goal is to build a super phone that would rival the iPhone or Samsung Galaxy devices.
Many have said this could be the device that raises Motorola back to mobile phone greatness. With the limited info, we really don't know what to expect so we'll just have to wait and see.