Looks like a Blue Peter project mock-up, coupled with the fact the fool in the picture has gone to the trouble of showing an open box with Microsoft tape on it to somehow give credence to it makes me think this is about as reliable as a GT5 release date!
It wouldnt suprise me if they do release a Slim model to try and outsell the ps3. Because for the past 5-6 months since the ps3 went down to 300 and released thier Slim model it has outsold the xbox360 every week worldwide, so they might think its a good strategy to start outselling it.
I just came on to see this and was going to say t the same thing. The HD DVD drive was basically a tiny 360 and just as cheaply made (that rattling disc tray!)
I have a HD-DVD drive and its looks exactly the same as the images (also how would the Hard Drives fit onto that smaller unit) . Amusingly I only said a couple of days ago to someone after the faliure of HD and the HD drive for the 360 I wondered if they would use the mould and design to make a 360 slim Spooky
.........Ok A. consoles known for heat issues shouldn't release slim consoles and B. that is quite obviously (as most people have pointed out) a HD-DVD drive
First impressions do point to it being a HD drive.
Although I would question the size comparative to the old one, I cant see them reliably slimming it down that mush, also HDD ???????????
This does look like a fake but the again I seem to remember some gimpy photo's and a lot of speculation a few months back for another machine being slimmed down and everyone pretty much called fake, I cant quite remember how that turned out again....
I think the motherboard pic released earlier in the month was real, however this just looks like an obvious fake. Even the background in the picture looks like a guys house and not a factory/office where such a product would be manufactured behind closed doors.
On the optimistic side if and when a slim does come out, I think my current model is looking a bit tired and like it wants to be confined to the bedroom, this would probably be an early purchase for me.
.........Ok A. consoles known for heat issues shouldn't release slim consoles and B. that is quite obviously (as most people have pointed out) a HD-DVD drive
The benefit of slim consoles is that they generally use chips made by smaller processes (which give off a lot less heat along with being cheaper) and can therefore be packaged smaller due to less demand on heat exchangers. So surely a slim is of benefit rather than an issue.
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Spooky 
And if they wanted to save money, wouldn't they make the HDD internal too? 
