Yep, saw this in Auto Express along with the associated Passat pics. The front end is believed to be pure Golf Mk5, front bumpers, lights, bonnet, wings etc. The rear should be heading in the direction of the Pheaton I think.
The idea is that the next Passat will head more upmarket towards the Pheaton, and the Bora will also move up and go some way towards taking the Passat's position in the market, ie. luxury saloon, perfect for company car fodder etc. It'd be better than a V****all V**tra at least...
Showed my parents (Bora owners) the pics of the disguised next-gen Bora and explained the above. They don't like it!! They don't much like the Golf Mk5 either, funnily enough. Nutters.
So, 2005 is gonna see a new Polo, a new Passat, new Bora and the Golf CC? Gonna be a busy year for VW!