Today, the Verge posted photos of what is supposedly known internally as the HTC Proto. Previous reports said that it would be a 4" device with a dual-core Snapdragon processor, a 5-megapixel camera, 4GB of storage, 512MB of RAM and HSPA support. It's no beast by any means, but still a solid device for a low-end phone.
The device continues HTC's preference for capacitive buttons on the front. Unlike the One V, however, this phone does not appear to have the trademark "chin". All-in-all, it's not a huge spec bump from previous iterations of the One V, assuming this is a successor, but it seems to at least be a nice refresh.