Yes, this is the long awaited facelift.
The front lights loose the "tear drop" shape, the rear stays almost the same but gets LED type rear lights.
I saw a drawing of the facelift and it looks very nice and aggressive, especially the front.
The front air inlets/front bumper is a fake...just a little hint.
The "sad" part regarding the facelift: the front lights and the front bumper won't be retrofittable as expected by many people.
The facelift is expected for MY 2007, meaning late spring/early summer 2006.
Rumours indicate a fourth Cayenne variant, a stronger V6 engine with rumoured 270-290 HP. A stronger V8 engine with rumoured 360 HP and a V8 Bi-Turbo with rumoured 470 HP.
And of course the fourth model...
I have a little bit more details on the facelift but I can't post them all because it could unveil the source of the information. I think I said too much already.