Doing a search to try and find the pic MCN used online, I came across an interesting thread (in Italian!) discussing the new Hypermotard.
It seems that the 4V 1198 Hyper was touted way back in the Feb 2011 (yes, more than a year ago!) issue of InMoto magazine: http://s2.postimage.org/uwlmy02mg/IMG_0336.jpg
and some more pics here based on the magazine's mock-up: http://www.daidalgas.com/hypermotard-2012/
To me this still looks too much like the MultiStrada 1200 and surely it would be in direct competition with it, or at least far too many similarities to be a worthy model? Look at what happened with the StreetFighter - it went to an 848 engine for this year, so why not do the same to the highly successful MultiStrada (like they did the 1000/1100 and 620...) and have a lower-cost, entry level tourer?
I'm still not convinced it's a new Hypermotard!!