I'm not sure if this is the same Mediterranean cyclone Ed wrote about on the 2cd - considering several days have gone by and I was not paying attention on that day. Given that it is the same general area, it may or may not be. Very little information is available on the Internet about this/these storm/s at this time, so this is what we know as of now:

A Mediterrnean Sea cyclone is now formally being tracked as 01M (For Mediterranean Sea), as of the today, the 7th of November.

As of 07/1800UTC, SSD estimated the center to be at 41.1N 5.3E, and assigned it a satellite-based Dvorak T2.5 intensity estimate, roughly equivalent to most cyclones in the 35MPH - 45MPH range, and often used to assign an estimate of 40MPH. Officially, a T of 2.5 corresponds with 40MPH.

It is now up on NRL, although it is up on their site as "99L" - a bit of a stretch, as the "L" is for features in the Atlantic basin. While it is very close to the extreme eastern Atlantic, it is obvious that it is over the western Mediterranean.

Nov 7 2011 Invest 99L (01M)

Convection associated with 01M is relatively shallow at present, but it does appear to be a warm-core tropical cyclone.

Tropical cyclones in the Mediterranean Sea are rare, but not unheard of.
A vigorous Mediterranean cyclone in 1995 was likely a hurricane at peak intensity:

1995 Mediterranean Sea Hurricane