Shimano has a slew of new patents, one of which is a new "ornamental design" for a crank. It looks as though it incorporates some sort of chain guard or lip much like those found on track or cyclocross bikes. There's not much detail in the text of the design patent, but from the pictures, it looks as though it follows the integrated 2 piece crank design that are common place today, and only one chainring (33-tooth). Design patent #D520920.
Update: The look appears very similar to the Nexus line (NX60) of Shimano components. The other patents filed are commuter bike related as well: #7044272, a compact rear derailleur for folding bikes; #7045910, electrical bicycle components for a commuter bike.
Update 2: Thanks for the tip Jeremyb. Here's a link to BikePortland.org that reports Shimano using Portland as a test bed for their new "Coasting" line of bicycle components.