What is the Montauk Monster?

Have you seen this thing yet? It first hit the Web about a week ago and it's been skeeving us out ever since. No one seems to know for sure what it is, or where it's gone, but this snapshot was allegedly taken on a beach in Montauk, New York.

Most of the "experts" seem to think it's a dog, a very unfortunate dog. Its lack of obvious paws and what appears to be an eagle's beak are causing some to point to an animal medical research facility nearby as the possible source for the thing. Guesses from the "News To Me" crew range from "raccoon" to "Frankenstein's roadkill." Cryptomundo.com seems to have the most extensive investigation going (and some more pictures that also purport to show the bloated carcas of whatever-the-heck-it-is).

Jeanne Moos did some digging and came up with a few answers, but the fact of the matter is, we still aren't sure... We ARE sure that it probably stank really bad. What do you think it is?