It appears any thought of a Zune come back has been hushed as Gizmodo reports the Zune player is no where to be found on the website. All you see are mentions of Zune as a service and app.
Zune was Microsoft's answer to the iPod first and then the iPod touch. However, they failed to catch on and to make matters worse, it effectively killed off other players that reply on Microsoft for DRM services. Few music players continue to exist or matter after the Zune came onto the market.
Now, it's only going to exist as a music and video service. Frankly, it's a brilliant move. Zune would only serve as a distraction to Windows Phone devices.