FORTUNE — Don Lehman, a Chicago-based industrial designer, has taken a close look at the video (above) that created such a stir in late July when it was posted by the Japanese smartphone repair firm iLab Factory.

It could be, according to Lehman, 1) an elaborate hoax, 2) a decoy released by Apple AAPL to throw us off the scent, 3) an early design, since rejected, or 4) an actual production model of the new iPhone.

Lehman is putting his money on the latter, and has posted a detailed analysis of the virtues of what looks to be the first unibody iPhone. You can read it here on