Recently, an image has been leaked and it has been considered to be of Sony Ericsson MT27i "Pepper", a probable successor of Xperia neo V.
Nothing is confirmed about the specification of the device and if rumours are to be believed then it is powered by 1GHz dual-core processor and has a 3.7 inch display capable of 480x854 resolution. The camera is of 5 mega pixels and has 720p video recording capability. There is no denial or confirmation to these reports. So only after release would we be able to know if these specs are correct.
The leaked image displays few interesting things about the device, for example, in the front side it has three capacitive buttons for home, back and definitely menu functions besides having a front facing camera places right next to notification LED. In the back side the camera lens in surrounded by embossed plastic ring and a small LED flash on top side. In fact, the noise suppression mic is also visible, reported Xperia Blog.
If rumours are to be believed then it is set to take over an Xperia device which is very successful and popular so keeping this in mind Sony Ericsson must have done something remarkable to this device to make it a true successor.