Isn't that exactly how far the other teams have gotten?  It looks like they've logged in, but nothing farther than that.  The next part would be decrypting all the commands, if I'm correct.

The Beta could be over within 1-2months, so their work would nullify itself... I don't even know how much time this kind of work takes but they should keep it mind that they are working against the time (against other teams and the game release, I highly doubt that the Beta will last 6+ Months. Not because i wish the game being released as soon as possible, but it's realistic that the beta with the current status will last max 2-3 more months)

i think its real.  I stumbled on http://code-gen.net/sc2beta/
which is another team making the EMU. just look at the progress.
Its about 5% i think if decoding data commands for every unit

- SCV is 100% done
- Barracks 100% done including Reactor and TechLab
- Barracks units (Marine, Marauder) 50%
- Factory 100% done including Reactor and TechLab
- Factory units (Hellion, Tank) 50%
- Probe is 100% done
- Gateway units (Zealot, Stalker) 50%
- Drone is 100% done

1 more month till at least 1 race is done I feel that terran should be first, zerg would be last since they are more complex. The video they gave looks like crap as well and did not show the login screen. Could be fake but.. the process seems too technical to be fake. Your choice to decide. [/size][/size][/font]