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Is it only 3g?

Yes, this variant is, according to the various articles online. (max speed over HSPA+, or "4G not-LTE" for AT&T / T-Mobile users)

I'm guessing a LTE variant is in the works, since last years Moto G got an LTE variant.

The LTE variant is shipping from Amazon also including a microSD socket.

The existing LTE version is now strangely listed as the "Gen 1" on the Motorola site.

Not sure but I guess they will release a 4G one if it isn't. I bought a Moto G 4G last month here in the UK and it's fantastic, really happy with it.