Why do people think that by Apple releasing a cheaper priced product that automatically means "cheap garbage." Even when Apple releases something cheaper, its still a quality product. I don't think people called the iPhone 3G a cheap piece of junk, so why should this be any different? The quality of the build and plastic itself will still be premium. Judging by the leaked shots, and the way Apple has built a metal internal frame system with all the assembly locations built into the frame, its obvious that this product will still have Apple polish.
This picture though looks potentially like a knockoff, based only on the text on the back. Chinese fakes typically have larger bolder fonts on the back, than what Apple typically uses. And the other leaks we've seen, the 'iPhone' text actually uses the thinner font from iOS 7, not this bolder in-your-face font from this pic.