The British motorcycle weekly has a video of what it believes to be the Ilmor 800cc V4 MotoGP bike, which is currently being developed by Formula 1 car builders Ilmor Engineering and Eskil Suter, the man behind MZ's former 500 cc GP bike, and who designed the chassis for the current Kawasaki MotoGP bike. The video was filmed by accident by someone attending a track day. How much credence we should attach to this is hard to say, but it's a public secret that the bike is currently under development. Persistent rumors link Max Biaggi with the project.
More background information on the ITV F1 page.