As you can see, anyone who is not that familiar with the iPhone 4, or just has a passing knowledge about the product can easily take this as the real thing. The software here looks just like the iOS4.
There's some delay in the response of the software, and you can see that the "accelerometer" didn't properly adjust when the device's direction changed. The sound and display looks good though, but it's definitely not the Retina display the new 1Phone 4 boasts of. I don't think this will support the same apps as the real iOS will. Too bad the demonstration didn't include anything about the other apps like games or the camera.
The most glaring difference is in the device interior: it can be easily opened, the battery can be removed and the SIM card slot is for a regular sized one, rather than the mini one. The SoPhone has a 3.5-inch touch-screen, 4GB of flash storage (not sure if it's expandable), dual cameras, is Wi-Fi ready, and has Bluetooth.
I foresee issues with Apple on this, but I have to admit, it's pretty darn amusing to see this. Still, nothing can replace the iPhone 4. I still want one.