While most figured Volkswagen would let the name slip back into history, VW recently announced that a replacement was in the works. This new Phaeton, however, will move slightly closer to its moniker and become a hardtop convertible positioned to go head-to-head with the Mercedes-Benz SL. The mule you'll see in the photos is a chopped and widened A8, but we're not sure if it will share much with that sedan. There are rumors that it may, in fact, have more in common with Porsche's upcoming Panamera. Click over to WR for more pics and a comical recounting of what happened when the VW engineers spotted the spy photographers.
[Source: Winding Road]