The Microsoft Lumia 850 made its debut in the rumor mill in July. It was featured in an extensive specs leak and was said to be part of the OEM's upcoming line of mid-rangers, also including a Lumia 750 and Lumia 550. Since then, the 850 was allegedly scrapped, but now that the 550 is a reality, it seems more likely that the rest of the trio will follow.
A new Microsoft handset was spotted in a fresh set of live photos and it does appear to be the Lumia 850. Similarities with a recent render, courtesy of leakster @OnLeaks seem to be abundant (camera, LED, speaker grill positions), so, we have a lot of reason to believe that this is in fact the Lumia 850, codenamed Honjo. The photos are of poor quality, but the metal frame looks to be present, so does the single LED flash on the back and what could perhaps also be a second one on the front.
Interestingly enough, one of the photos also comes overlaid with some specs, which don't match the initial leak. The new info hints at a much larger 5.7" device with 1080p resolution and a Snapdragon 615 SoC, as opposed to a 5.0" 768p one and a Snapdragon 410d. We can't really say which specs are more trustworthy at this point, but both are quite believable and it is definitely not out of the question that all three mid-rangers were rethought hardware-wise since first being spotted back in July. That definitely seems to be the case with the Lumia 550.