- minus the apple logo
It's just an attention-grabbing-headline, please downvote this.
So that's about how much you can trust the legitimacy of these pictures
Apple I doubt will be entering into the "budget" market any time soon. They can just sell their previous models at a discounted price instead of potentially tainting their brand with "basic" versions.
Apple are all about the build quality and aesthetics and given the amount of cash they apparently have in the bank, I would say their current strategy of selling expensive phones and computers is working. Nokia on the other end is going for the budget market because the likes of Apple and higher end Android devices ate into the space Nokia was once the king of and the budget space is all they really can compete it, Apple have no reason to currently compete.
Looking solely at the products though, it seems pretty cheap (cheaper than Nexus 4 even for the specs) but probably has poor build quality. Not sure if they are being truthful about the having the Snapdragon 600 either.