You can take this as you will. It looks like an iPhone 5C, and it seems to be functional. We can see it running Safari. That said, it’s entirely possible that someone took an iPhone 5 and put some sort of shell on it.
We will likely keep seeing leaks, videos and photos in the days leading up to the iPhone event. Regardless of whether or not this video is real, it looks pretty much like what we expect the iPhone 5C to look like. Even the real iPhone 5C seems like it would likely be an iPhone 5 in a plastic shell.
All we really see is the web browsing of this handset. Honestly, there is nothing new or surprising here. It’s what we expect. We’re sure it will be pretty much what the handset looks like when it releases.