Update: We've spotted a difference from this model and the unit that Gizmodo bought. Notably, the pair of screws at the bottom of the device are gone. The cleaner design could indicate a newer prototype (closer to the actual retail model) though both the iPhone 3G and 3GS went to market with a similar pair of screws. Comparison shot after the break.
Update 2: Oops, too late Apple, teardown pics added showing an Apple branded processor. Note the black "N90" text on the white sticker -- that's the rumored internal codename for Apple's next generation GSM iPhone. Yeah, that looks like the A4 processor to us.
Update 3: Video! Unfortunately, this sucker's never going to boot to the OS. And if the translation in our comments is correct then the unit was purchased for US$4,000.
Next generation iPhone unscrewed from Vietnam (updated)