http://twitpic.com/6h10gk
 
Seems very likely that this is the first image of her released, judging from his other comments.

hmm...possibly...
 
don't you hate it when writers hint something, but you can't tell if its real or not until several weeks or even months in other cases later when you see the comic?
and of course they just love making us eat our their hands for what they're going to do next....

For anyone who can't be bothered to go on the link here's the picture: 

hmm...possibly...  don't you hate it when writers hint something, but you can't tell if its real or not until several weeks or even months in other cases later when you see the comic? and of course they just love making us eat our their hands for what they're going to do next....

Certainly looks like Karen just based off the yes and hairstyle.  Really, if she's a major part of the series, I may just have to add Mr. Terrific to my "pull list" for the New 52.

I still would have preferred her as part of either JLI or Stormwatch...

I'm not going to pick up Mister Terrific but I want my Power Girl fix. I really want her to join the JLI. It's gonna happen one day for sure

I'm not going to pick up Mister Terrific but I want my Power Girl fix. I really want her to join the JLI. It's gonna happen one day for sure

I still would have preferred her as part of either JLI or Stormwatch...

Not really a huge Mr. Terrific fan, but maybe his series can give me a chance to like him, so I'll add this to my list if it has PG in it.

It's Karen, Eric Wallace already confirmed that in an interview. It was supposed to be a surprise but the only surprise that was received was when Wallace found out the info had been leaked. However, it's still unknown what roll she'll play in the book and whether or not she's still PG.  
   
Eric Wallace: The biggest element of Mister Terrific that I couldn’t talk about before involves Karen Starr. Her appearance in the series was supposed to be a surprise. Readers were supposed to open up our first issue in September and go, “Whoa! Karen Starr? What’s she doing here?!” So you can imagine my shock when a fan told me he already knew about her presence in the book during a DC panel at SDCC. I was so stunned that I asked the fan, “Uh, how did you know about that?!” Apparently, somehow word had gotten out the previous day. Oh, well. That’s Comic Con! But you know, it’s probably for the best. Keeping that secret was really driving me up the wall.

Of course now the question is, what will Karen’s involvement be in the book? Sorry, no spoilers here. Beyond confirming her presence as an integral part of Michael’s journey, I can only say that you’ll have to wait for issue #1 to find out how it all begins.  

Today's quote over on DC Source is Karen talking to Mister Terrific.  Cannot wait for this!

Well we know Karen Starr is in Mr. Terrific.

Do we know that Mr. Terrific (the series) take place in the new DCU or on Earth-2?

or....

Did Mr. Terrific and Karen Starr some how end up on the new DCU while they originally came from Earth-2?

I believe Mr Terrific is in DCU with Karen Starr.  
What could happen is Mr T (who pities the fool) opens a portal to Earth two where she goes threw and turns into Power Girl.

You can look here: 
 
http://revealthescience.blogspot.com/2011/09/meet-mister-terrifics-team.html
 
For a peak at Mr. Terrific's team, including Karen Starr, who is indeed that pic.

Its already confirmed that the JSA will appear in there own titel set in Earth-2 so she'l more than likely be in that.

i hope she will end with her own series soon :)

@Baddamdog: JLI has a no alien rule