As I'm reading these comments, quite a few things stand out to me now.
1. Obvious pixelation. Last-generation iSight cameras are low quality, but they aren't THAT low quality unless the object is in serious motion, I would assume.
2. Awkward holding of the phone; it is much easier to add a drop shadow in that position than to account for curvature of the palm. Also: because this is so close the Mac's screen, that shadow shouldn't be so intense under the phone, above the knuckle of the pinky finger.
3. That finger is horribly stretched and smudged. There's no definition whatsoever of the crease in the skin where the finger would bend.
4. The speaker at the top of the phone is way too wide, top-to-bottom. Looking at the 3GS or the 4, the opening isn't that thick; obvious stretching.
5. What should be parallel lines running along the bottom of the ear speaker and the top of the screen aren't parallel at all, leading me to believe this was an extreme transformation.