Full disclosure: In addition to being a SWCA member, I am also a CCA (Colt Collector's Association) member.

(I suspect there are actually quite a few multi-denominational folks here.)
The publication of the CCA is called The Rampant Colt and in the Winter 2012 issue, there is an article titled "Stick To Your Guns!" by Don Shoji. It relates to the question of authenticity of oddball one-of items. Here are a couple of quotes: "Dick always said that you can question one; if you saw a second one you better pay attention; and if you saw a third on you could say that there were several manufactured." He then relates a story about a factory Colt conversion unit for switching a Service Model Ace from .22LR to .45ACP. Yes you read that right, from .22 to .45, not the other way around.
Later he talks about finding a .22 New Frontier, except it wasn't .22, it was a .32. He thought that it was some kind of conversion but then later on found that Colt had actually made a couple of .32 New Frontiers. He says, "The same thing could happen to you. These special guns from the Colt's Archives had been released through the Greg Martin Auctions. I personally went to preview the guns in the auction, and after seeing all the prototypes and experimental guns they had, I can tell you that Colt's tried all kinds of strange things, with all kinds of guns. Different calibers (.40 S&W auto chambered in a revolver), strange finishes, extended grip frames, the list goes on and on.
Just because you (or anyone else) has never seen one before, doesn't mean it can't exist." (emphasis added)
Anyway, I just thought this seemed possibly applicable to the Mystery Gun. No telling what S&W has built that never saw the light of day outside the factory. Hopefully we'll see some updates on the MG in the coming year.