Provided this is accurate, there are still some unknowns like the processing power and the launch date. The 5.1 Plus naming scheme suggests it would sit firmly in the mid-range, though, so you'll want to toss out hopes for a high-end CPU or cutting-edge photography. And it wouldn't be far-fetched for Nokia to unveil the phone relatively soon at an event like Germany's IFA (late August) to capture those all-important holiday sales, assuming it's close to release in the first place.

Update: This device bears some similarities with the X6, which also had a notch. However, that device was focused on China -- the naming scheme here suggests this is may be the first notched Nokia phone for an international audience.