I'm just a beginning hang glider pilot - but everybody at the largest national hang gliding site (http://hanggliding.org) calls fake. The main clue from a hang glider's perspective is that the wings absolutely don't look loaded. Assuming power source, batteries, etc all were available there's no way those flapping trailing edges are actually bearing weight by pushing against the air.
Yes the dream of human flight is alive - but it looks like this - http://vimeo.com/20775072