UDPATE: Engadget initially updated their story on the iPhone G4 (not iPhone 4G!) to include the information below, then removed the update, their editor-in-chief stating on Twitter that a "major update is coming". So, we'll file this under "developing" for now...
ORIGINAL: Those pictures we linked to last night of an iPhone 4G/iPhone HD turn out to be what most of our readers claimed it to be in the comments - just a knock-off.
According to Applesfera, the phone in the pictures never came from Apple or Cupertino at all, but is simply a cheap Chinese clone. One of their readers posted a picture (above) of the same identical phone that they recently purchased in Japan.
So whether you were excited or not so excited, move along as there is nothing to see here.