The guy is legit, but it's questionable as to whether he is really the sort of person you would want to rely on to take this case to court.
He's ambulance-chasing, plain and simple. Sadly, that is the state and origina of many calss action lawsuits these days.
Assuming the lawsuit actually gets off the ground, here's what the settlement will look like: iPhone buyers will be given a choice of either A. a $5.00 iTunes gift card, or B. a $5.00 prepaid AT&T calling card.
The calling card is obviously useless because you can't use it to pay your AT&T bill, and your AT&T iPhone doesn't charge you long distance anyway. Though if you do use the card (say, at a payphone), you'll be able to make calls at the "reasonable" rate of $.50 per minute, giving you a grand total of ten whole minutes.
And getting the iTunes gift card will probably require you to jump through hoops, fill our paperwork and dig out your receipt, and basically do a lot of bureaucratic things that for most people, will not be worth the card they'll get in 6-8 weeks.
Oh yeah, and the lawyers will probably get a couple million dollars in legal fees.
Meanwhile, you'll still have a locked iPhone, and will no longer have recourse because as a member of the class, you've accepted this "settlement." Unless of course, you went through all the paperwork involved to notify the judge and counsel for both parties that you wish to be excluded from the class, and sent triplicate copies via registered mail to the courthouse, and the addresses of the law firms for each side.
I'm not joking, and and this isn't an exaggeration. When I was a Sprint customer long ago, I was identified as a member of a "class" for two such class action suits, one for alleged scamming involving roadside assistance, and the other involving alleged scamming by the handset insurance program. These were the terms offered each time, down to the $.50 per minute rate (though they didn't offer the iTunes card... I'm just assuming that would be the case because this is an apple lawsuit).
So yeah, it's going to be a total ripoff. Mark my words.