Index: wp-admin/includes/post.php
===================================================================
--- wp-admin/includes/post.php	(revision 28397)
+++ wp-admin/includes/post.php	(working copy)
@@ -1179,7 +1179,11 @@
 
 	if ( current_user_can( 'read_post', $post->ID ) ) {
 		$ptype = get_post_type_object( $post->post_type );
-		$view_post = $ptype->labels->view_item;
+		if( 'draft' == $post->post_status ) {
+			$view_post = __( 'Preview' );
+		} else {
+			$view_post = $ptype->labels->view_item;
+		}
 	}
 
 	if ( 'publish' == get_post_status( $post ) ) {
@@ -1234,7 +1238,21 @@
 	$return .= '<span id="editable-post-name-full">' . $post_name . "</span>\n";
 
 	if ( isset( $view_post ) ) {
-		$return .= "<span id='view-post-btn'><a href='" . get_permalink( $post ) . "' class='button button-small'>$view_post</a></span>\n";
+
+		if( 'draft' == $post->post_status ) {
+			$preview_link = set_url_scheme( get_permalink( $post->ID ) );
+			/**
+			 * Filter the URI of a post preview in the post submit box.
+			 *
+			 * @since 2.0.5
+			 *
+			 * @param string $preview_link URI the user will be directed to for a post preview.
+			 */
+			$preview_link = esc_url( apply_filters( 'preview_post_link', add_query_arg( 'preview', 'true', $preview_link ) ) );
+			$return .= "<span id='view-post-btn'><a href='" . $preview_link . "' class='button button-small' target='_blank'>$view_post</a></span>\n";
+		} else {
+			$return .= "<span id='view-post-btn'><a href='" . get_permalink( $post ) . "' class='button button-small'>$view_post</a></span>\n";
+		}
 	}
 
 	/** This filter is documented in wp-admin/includes/post.php */