I wouldn't have thought twice about this, unless you said it dave, but according to the smalldog site, the RCA's have level control. Hopefully that's just another button on the side or something.
They could also be assignable to either the inputs or the outputs. Guess we wont know until M-Audio tells us or someone gets to play with one. 
Smalldog sez: "Inputs A and B have mini faders for input level with 3 segment LED indicators for input and peak. Green, yellow and red."
That would seem to imply that the LED's seen on the front of the device are the level controls. I can't imagine that a device this small has SEPARATE controls for the left AND right RCA outs. It just doesn't make sense - what's the point?
The image that accompanies the listing on smalldog is interesting in that it can be manipulated - try this link instead, and fiddle around with the "height" and "width" attributes in the URL below if you want to make it bigger/smaller.
http://images.smalldog.com/resize.php?file=/hw/maudio_microtrackrecorder.jpg&height=700&width=1000It does look like a completely different machine, though it doesn't look like a photo, almost like a concept drawing.
That said, the CF slot appears to be on one side, not sure what's above it. The other side looks like a volume knob at the top, maybe a mic/line switch below it and two things below that, not sure what they are. The front looks like independent L/R sliders with the triple LEDs next to them, with an additional slider on the right - perhaps that's the RCA out level control? Top looks like a power jack, a mini jack and two 1/4" TRS jacks, bottom must be two RCA's and the S/PDIF. Though maybe the power jack is next to the RCA's and the S/PDIF is on top next to the mini jack? I also see four LEDs at the top of the unit - three green and one red...that to me means they're all inputs... Maybe the red/green LEDs indicate whether they're active or in use? That almost makes me think the power jack is on the bottom.
