I think the phone is more likely a prototype, but very similar to what the final product will look like. (I happen to like the look... its different and does fit in with other products in the Apple lineup)
I also think this was an Apple orchestrated event. I don't think Apple picked Gizmodo to out the story, but the rest I feel was well under Apple's control. The fact that this has never happened before is the biggest reason for why it was done on purpose. Apple goes to extreme measures to protect its tech. This phone would not have been let loose in the real world if Apple did not specifically want it to happen.
From a nerdy, "I love new tech" stand point I am kinda bummed. I always enjoy all the 'rumor and speculation without much concrete factual tidbits to back up conjecture' that goes on prior to Apple releasing new toys. This time, all that talk will shift to "Is this really it?" threads and lots of "will they get rid of the seams for final release" blog posts. Plus all the usual complaining that people do. No one makes products like Apple. Maybe the newest Droid does something that the iPhone doesn't and maybe the newest Blueberry can do X better than the iPhone... but have you looked at those devices??? Have you played with the UI?? The user experience with Apple is lightyears ahead of anyone else... from phones to MP3 players to laptops. My iPhone, iPods, Powerbook (Yes I still rock a G4), iMac, and Airport all do what they should everytime I use them. No other phone, music device, router, or computer I have used and or owned has ever worked so well.
Get over it people. This event was planned. Apple will unveil the new phone and in June they will sell them by the millions!!!