Well, the above video with the odd format looks to be showing it running Windows Phone 7. As far as these videos goes, this one looks more real: nothing is plugged in, screen reaction looks accurate (not a video), it was recorded very recently (last 12 hrs) because the Zune Marketplace features Limp Bizkit (shudder) and we even see it pulling data. Official or a hack?
Explanation? Even though there was mention of a TG03 months ago, we're pretty sure this is one of the developer devices Microsoft uses for testing WP7 on and doesn't point to any pending release, Toshiba throwing their hat in the ring, or any other hopeful fantasies. In fact, a developer version of the TG01 has been spotted before in Microsoft's labs--see TechRadar from October 11, 2011. That's our take, at least.
Source: YouTube; Thanks, Steve B, for the tip!