Fake.
It's clearly a laptop screen. You can see that when the finger presses the Notes icon, there's some distortion consistent with pressing a finger against a plastic laptop screen. If anyone thinks that an iTablet *isn't* going to come with an iPhone-like glass capacitive screen then they're off their rocker.
The other dead giveaway is the appearance of an iPhone keyboard in the (iPhone) app itself. It would be impossible to use in that position on a device that large. The likelihood of first-party Apple iPhone apps being ported directly to the device without tailoring for the larger screen is also low.
That the pictured device is in line with expectations, and that it takes its styling cues directly from the iPod Touch, is also a pretty good giveaway. It reminds me of the old 'iPod Touch' photos that had been created using an iPod 5G as the template (http://is.gd/2kZwr). It had iPod styling and no usability enhancements (retaining a soft-clickwheel).