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My Vietnamese is terrible, but this video demo is still pretty clear. What you see is a newer version of the 4G iPhone that was bought by Gizmodo.
This iPhone surfaced in Vietnam, and may or may not have been bought on the black market for US$4,000. It certainly looks legit, and in a more finished state the the Gizmodophone: the ugly screws in the base of the handset are gone, for example.

The video, from the Vietnamese site Tinhte, also shows something that Gizmodo couldn’t: that new hi-resolution screen. Although limited to displaying a test screen, you can see how sharp it is when the camera zooms in. And talking of cameras, you can also clearly see the front-facing web-cam. The rear case appears to be made of radio-transparent ceramic rather than plastic, and the micro SIM tray slides from the side, iPad-style.
Inside, a teardown has revealed that the new iPhone is built on the Apple-designed A4 chip found in the iPad, which promises a rather powerful handset.
Between this and the iPhone OS4 beta revelations, there really aren’t many surprises left for Steve Jobs to reveal at the expected launch on June 22nd. Sure, we still don’t know the capabilities of those cameras, but we expect a boos in megapixels to around 5MP, and perhaps 720p video, but those are just numbers. No, Steve will have to pull out something big to get our attention. Maybe, just maybe, AT&T might at last offer tethering?
iPhone 4G photo source [Taoviet]
Appeared 4th-generation iPhone in Vietnam [Tinhte via Engadget]
iPhone 4G tear-down [DiendanApple]
iPhone 4G video [Tinhtevideo/YouTube]
See Also:

Sneak Peek: Hands-On With iPhone OS 4 Beta
Gizmodo Gets Hands On New 4G iPhone
IPhone 4G

Source: Gadget Lab