According to sources from TheVerge are saying that Nokia is planning on releasing a Phablet Lumia device for later this year. In fact, they are already in testing phase of the Lumia which is said to already run on GDR3 update. As you know, the GDR3 is said to have 1080p resolution support and multi-core CPU support.
The Phablet is going to have a 20MP camera (thank God, I would hate to see a camera higher than 41MP at this point, that would instantly render the Lumia 1020 outdated!).
It will also have a SnapDragon QuadCore processor with a 1080p display.
According to the source, it will be polycarbonate, light and thin in appearance.
The latest news is that the new device will have multi-column, as opposed to the standard 4-column start-screen of current Lumia devices.
It will include rotation lock, driving mode option (isn't this already unlocked when you use your Lumia with the CR-200 car charger?).
There will be UI changes as well.
So if you love the NOTE II or have friends who love phablets, I bet Nokia will not disappoint.