I was just looking at these mockups by Miguel Suárez and came to the conclusion/prediction that this could well be a possibility. However, take a look at the click wheel. What happens when the user turns this new Nano on its side to watch a video. My prediction is that the click wheel will be a smoked black (in this case) or a semi-translcent finish. The menu, play/pause, and skip symbols will be tiny OLED screens being the fascia and light up according to which way you are holding the device.