You are not alone, but most now feel that it is the front fender.
For GM's picture to be of the rear of the car, there would need to both be this new horizontal/triangular spear "growing frontward and tapering inward" from the rear-fender wheel opening and another one, the
existing spear in all 2014 StingRays that starts behind the front fender and gets smaller to a diminishing point at the rear of the door.
Also, for the teaser picture to be of the rear fender, would not fit with several mule pictures (now confirmed to be Z06 mules because of the wheel pattern, the increased fender width, the increased fender opening, etc) which all show a protruding rear fender brake intake duct/opening just as there was in the C5 Z06 and both C6 Z's. If GM's picture were of the rear fender, the "horizontal, triangular spear" shown in GM's teaser picture would effectively bisect the C7 Z06's rear fender brake opening duct and significantly reduce its air intake efficiency.
MotorTrend came to conclusion that this was the front fender vent when they concluded that the pictures tires were 285/30/19's, a very large front tire equal to what is on the ZR1.