All that's certain is that it is AWD and probably RWD based on modified Falcon mechanicals. All contacts that I have inside Ford are understandable very tight lipped. When I had the opportunity to ask G.Polites & co they could confirm that it didn't yet have a name and that we haven't seen anything like it from anyone else yet.
Believed to be due out in 2004 and I would assume using Falcon engines (I6 and 5.4V8).
The R7 show car of last years Melbourne Motor Show is believed to be a good indicator of what to expect and most media believe there are strong similarities between our Falcon/Raptor products and the USA's 500 Sedan/Freestyle (originally dubbed CrossTrainer) though theirs will be AWD/FWD and V6 with CVT.
A concept of the Freestyle called Freestyle FX was shown in January at the Detroit Motor Show. Thread here;
Ford Freestyle Images