See it in person first -- we ALWAYS hate new Apple designs at first
I think it's very possible, at least. Remember that a large (or at least vocal) segment of the public, including apple fans, always HATE just about any new design from Apple--until they get used to it. Steve-era Examples:
TiBook
AlBook 17"
Clamshell iBook
Current iBook
iMac G3 Original
iMac G3 Fruit
Flower Power & Dalmatian iMacs
iMac G4 (and then the 17" bothered people all over again)
eMac
PowerMac G3 B&W
PowerMac G4
PowerMac G4 QuickSilver
PowerMac G4 Mirrored Drive Doors
New iPods and docks
Pro Mouse
Small iMac & tower keyboards
Current Pro Keyboards
New eMac Keyboards
Studio & Cinema Displays
Pro Speakers
Soundsticks and iSub (case designed by Apple I believe)
G4 Cube
Xserve line
Most of those came to be widely regarded as works of art AFTER the intital "oh no! it's different!"... While others (Flower Power??) only a mother could love. And some of the most-hated have been RECENT designs. The new eMac keyboard, the new iPod, G4 MDD, flat iMac, etc.
Also note that when seen in person (or better photos), in color and detail, the impression made wouldn't be the same as in that bad photo. It's a shame if one bad photo takes some initial punch away from what may be a beautiful product. (The early photos of QuickSilver looked awful but were accurate--and that turned out to be the nicest looking tower ever, I think!) I think a design like this could look great in person, even though I don't love what I've just seen. I certainly don't hate it--and it certainly looks a LOT better than Wintel PCs. Very industrial. A machine to take seriously. This is Not a Toy.
And remember you'll be looking at new displays, keyboards, and mice very likely--the tower itself may not be the high point of the physical design.
Believable factors: handles but less prominent, super-simple, rectangular, clear-and-metal styling, Apple logo on the side but not front, vertical vents like Xserve (and PowerBooks)--which could conceal the speaker, multiple drive bays yet also a slot-load main drive. It all looks too polished and nice to be a bare-bones test case, although it could always be a design prototype. (And the low image quality is clever, if it's fake.)
That bottom-most "drive bay" panel (or the bottom "handle") could actually conceal front ports--although the USB hubs in the displays and keyboards has always been a better answer, at least for USB. And the vents, aside from providing great quiet?) cooling, could well hide an eject-hole for optical drive troubleshooting.
Plus it's what's inside that counts. (Which, if it's anything exciting, still puts the actual ship date months away by my guess.)
And of course, it could also be a fake! But I won't complain if it's real.
(PS, a MacCentral thread had the image too I believe--although traffic will no doubt kill it.)