Yes, it’s a real product. An extra large DSi.
The Japanese DSi LL will be available in Wine Red, Dark Brown (above), and Natural White, and will come preloaded with Easy Meikyo Kokugo Dictionary, Brain Age Express: Arts & Letters and Brain Age Express: Math. There is no word yet about the color variation or preloaded software selection for the European version.
[Thanks to Joystiq for the picture]