OK, first we have leaked pictures of the casing of the budget iPhone. Now, someone (or company) made a video with the budget iPhone. However, before we jumped the gun on confirming that it is the real thing, the video ended saying that they are building this device on Android.
The back view.
Here is a comparison with the current iPhone 5.
There are many more pictures at TECHDY site, including some disassembled version. I guess you will like to see the video first.
If this is the real budget iPhone, I have to say that the quality is comparable to some premium range of products from other companies. Of course, as usual, this might just be a nice fake. Wait for the official announcement.