Naruto Chapter 436

[Tyreal]

It could be. If it is him though he looks very frail and sickly (which might explain why Madara can control him, i.e. Madara knows where Pains real body is and that it is more or less defenseless against a semi capable ninja).

[Rikudo]

Unconfirmed translation:

Inoichi thinks there is a high possibility that Pain is on some high mountain in Konoha.
(because it would make the chakra transfer easier)
Then it's all conversation between Naruto and Tendou.

Pain wishes for peace and justice.
Naruto wishes for peace and justice.
Both have the same target but different means to achieve it.

Finally, the real body Nagato is shown.
Following is the spoiler writer's opinion:
He looks like a skinny Orochimaru, sitting on some four-legged, wheelchair-like thing.
There are a lot of black rods piercing out from his back and his body has a lot of holes/pits.
Konan: Nagato had used up too much chakra.
Nagato, with his mouth bleeding: Peace will arrive soon.

and another pic of cyborg Nagato,

http://1.bp.blogspot.com/_7u9gMhrSm6...1600-h/436.jpg