This thing is real!
And it does demonstrate the kind of design and development talent that exists in India. Disappointingly, though, the great folks behind this gadget have been conspicuous by their complete invisibility -- HRD Minister Kapil Sibal has been the only public face behind this tablet.
[I work in the IISc -- one of the institutions behind this gadget -- and I have asked around; and yet, I have no clue about who at IISc worked on this wonderful project!]
I'm not very happy with framing this gadget as something that will revolutionize education in India -- note Sibal's reference to "my children" in Indian universities! When this cute little gadget was unveiled, Toronto Star's Rick Westhead asked me for an opinion about its potential in education. You can read what I said here. [If you are interested in to know why, see this post]