It's either the new SMART ForTwo, or an exceptionally well clad golf cart. Since it wasn't seen out on the links, we have to assume that it's the former. According to our friends at eMercedesBenz, the Smart ForTwo:
"Appears it will remain similar in shape and size to the current model. Early rumors indicate the next smart fortwo will feature more streamlined headlights, and despite the disguise, the spy photos appear to substantiate this fact."
Umm...if those headlights get any more streamlined, they'll be somewhere behind the windshield wipers.
Spy Photos Of The Newest Smart ForTwo [eMercedesBenz]
More spy photos [internal]