I haven't linked to very many of the rumours and leaks, but I expect that this is the real deal. Where there's this much smoke, there's fire. The parts that are assembled in this video have leaked many times over the past weeks and months. I have to believe, at this point, that they're the real deal. I just don't think that Apple is able to keep iPhone and iPad hardware a secret anymore. Their supply chain is too vast to keep it all under wraps. Maybe announcing an "iWatch" a few months before it ships will allow for the element of surprise, because we haven't seen any leaks on that front yet. Or, maybe its initial production run is relatively small and better able to be kept quiet.

Some interesting things of note in this video:

The protruding camera lens — I really hope that one isn't real
The Apple logo on the back of the phone is purportedly made of Liquidmetal