I was at LV today and asked to see the look book, and there was a picture of the Portobello which will be released in October in a PM and GM size as confirmed by BJTaylor. The PM was priced at $1,3xx and the GM at $1,5xx
The bag does have a Sully like appearance and my SA described it as a hobo. This is certainly a bag that is on my radar.
To answer Emjetz's question, I think the bag can't compare to the Westie since the Portobello is more like a hobo and the Westie is a tote that is more structured.