Oddly enough, there have been two separate accounts of a 4GB version of the new nano showing up on store shelves in the Netherlands. There was no mention of a 4GB nano at Apple's "Let's Rock" event, so these legit-looking images have us puzzled. The sources claim that this rogue nano comes in all 9 colors and is priced at the equivalent of $169—as you can see in the following product link. UPDATE: Apple has confirmed the existence of a 4GB Nano. [Product Page and One More Thing and Yahya Gallery]
Considering how much more expensive everything in Europe can be, I bet the 4GB version is being offered as a cheaper alternative is available.
My aunt was visiting last month and bought a bunch of iPods to take back with here because they're about half the price here.