Well I'm pretty sure that the wings are made from a parasailing chute. He also obviously has some type of electronic device helping him with the outside of the wings when he flaps his arms.
I don't really think he has too much of a reason to fake it. From his blog it looks like he's been working on it for some time. He's also a mechanical engineer so putting out something like that as a fake would really hurt his credibility.
I have a feeling we'll be seeing more about it if it is real.