All indications are that the Catwalk is a direct refresh of the 920. I personally think this is a very bad move, especially considering the 920 was still branching out into new markets as of this March.
You also have to look at this from a wow-factor standpoint. If the Catwalk is amazing because of its metal construction, then what's left to show for the holidays this year? A better camera may be nice, but it is not a killer feature alone. There will probably be 1080p and a faster processor, but Android devices already ship with those. Nokia's spreading its competitive advantages too thin and as such, making all its devices feel not-quite-there. The 925 is mid-range compared to Android flagships.