This seems to be the real thing. The back story is that the forthcoming iPhone was found in a bar in Redwood City. It was camouflaged to look like an iPhone 3GS. You can read all about it and see two videos on Gizmodo. If this is true, you have to wonder if the guy who lost it has also by now lost his job at Apple. The new phone has a front-facing camera for video chatting, a camera flash, apparently a 960x640 display, and a second microphone. The back is flat, and the whole thing has a bit more of a square shape. The article says they took it apart and it's the real thing.

Jim, I saw this when it came
Jim,
I saw this when it came up on Gizmodo, and I've been reading that Apple is none to happy and considers the device stolen, versus lost and found.
However, I would not put it past Apple to drum up some hype over the coming iPhone and in the process try to drive their stock up a bit closer to the sun by assigning a beta phone to someone with a slight memory problem. Or for that matter, there's some pretty sweet iPhone mods out there and this is a project someone with some skill and time on their hands could produce.
For example I think it possible to rework the case on the cecet 599, a few cuts here, a couple there, and it looks pretty close externally, dimension wise I'd think it would need to be a 2G but who knows.
Let the speculations begin.
NY Times
It's interesting to follow the debate regarding whether it's a fake. I kept thinking someone would prove that it's not the real thing, but then read this New York Times article. Just the fact that Apple is so concerned makes it seem real.
Jim