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There is no way Apple would leak new devices like that. Besides I'm sure the marketing department doesn't even know what Apple's next products are like.
 
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It does look very thin/tappered edge.

It looks like an iPod Touch except it has the bands on the end like the iPhone... But I'm pretty sure Apple wouldn't make the mistake of showing the iPhone 5 on their website. I think someone on their end would have noticed by now and took the picture down.
 
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It's originally a Touch, with some photoshop magic.

Proof?

iPod Touch airplay page:

airplay_hero20101116.jpg




iPhone 4 airplay page:

airplay-hero-20110318.png
 
Here's a closer comparison between the two images that biohead posted above^^ for easier comparison.

iphonexm.png


I agree with biohead, this is probably just the iPod Touch with a bit of Photoshop changes.

I think they've manually added the power/sleep button and black antenna strip to make it the iPhone 4. Good spot though OP
 
That image has been on the Apple site since March this year according to its URL. I doubt the iPhone 5 has been leaked on the site for over half a year.
 
Products like apple's cannot really be photographed as perfectly while the hand model is touching them. The reflections, smudges, finger prints, etc. would all take away from the "perfectness." They need to be replaced by renderings later.

Also, the person who think that the Apple TV can possibly look like that next to the TV is not supposed to pay attention to the thickness of a rendering placed in a photo. I'm talking about the perspective issue.
 
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