According to
this article the new (
smaller) hybrid will be revealed at this years Paris auto show, which is usually around Sept. 28th. so just a few months away.
Quote:
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Senior Vice President John Mendel said that the 2009 dedicated hybrid vehicle “will be a new vehicle to the Honda lineup.” When asked if the vehicle would have a unique architecture, Mendel replied, “At this point, that’s our plan.” The official word from the company’s presentation was that the car will be “a new, more affordable dedicated hybrid.” The car will be “under” the Civic, both in size and price.
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Supposedly it will sell for under 19,000, which would be great if they could do it. Check out
this concept of the 2009 hybrid. If it looks anything like this then I'd buy one in a new york minute

Actually Honda usually doesn't stray too far from concepts, so it may well look very similar.
This new Honda hybrid was given the "green" light for sale in Europe next year, possibly for sale here in the states too
