Just gotta add my 2c worth. This is clearly the real deal, although I agree the black typing may have been added 'cos it looks a little harsh. If you have seen the video of the back cover - it is 100% clearly a real Apple part.
And of course it makes logical marketing sense. Apple cannot pretend that the opposition are not taking market share, so this is the perfect solution. Of course they will lose "some" sales from their higher end units, but will also win some sales back from Samsung etc.
The painful truth is that their profit margins are high, with an iPhone costing around $190 to make. So this one can only be maybe $30 less to actually make. But the issue is that they actually NEEEED it to look instantly cheaper and more plastic, or else they kill their high-end models (and the huge extra profit margins they produce).
Clearly this thing could never be 50% cheaper, or only a small % of punters would pay twice the price for a fingerprint reader, better camera, and a shiny metal surface.
So based on current prices I think the following:
iPhone 5S at same price as the current iPhone 5 as follows:
$649, $749, $849
and then the new plastic iPhone X as follows:
$449, $549, $649
That $200 difference is just enough to make you consider the extra toys on the higher end models. The 4S is currently $549 but this thing will be much better in terms of specs.
The colors might be "fun and funky" but also signal you couldn't afford the top model (if you care about that kinda stuff). We can assume 3rd parties will quickly be selling silver, gold and black covers to make 'em sexier.
But $250???? Dream on. Not in your wildest.