Regardless, it's nice. It wouldn't look anything like that if it made production though. I doubt fiat would bring back the 127 name. Not exactly a car the general public have a fond memory of.
And yes it is a name the public have a fondness for - try taking one to a show - everyone and their dog had one. Still a cracking car to drive these days so it must have been a revelation in the '70's - good enough for Ford to copy for their Fiesta anyway!