That wasn't a fake demo. That was a presentation which included a video where the presenter was joking around like it was live for about 10 seconds. No one in the audience was deceived, you can hear they got a good-natured chuckle out of it.
SemiAccurate is flatly misrepresenting this IMHO.
Given the rumors that Intel is delaying IvyBridge, it is very possible that they recorded this on a different machine, with a different GPU, and are claiming otherwise. They're not the first, nor the last to do this.
"It's still a DX11 and I wanted all of you to see it because people were critizing us, when are you going to implement" ... OK that sort of sounds like he's claiming that DX11 is part of the product.
"We are delivering it with Ivy Bridge" This is a pretty clear claim about a product... but it's obviously not a shipping product yet.
It should have been clear to everyone in the audience that he was not really demoing the game on stage but that DX11 support is a promised feature of the upcoming Ivy Bridge product.
To know how honest he intended to be, we need to know whether he would have convincingly faked it had the mistake not happened.
My gut feeling is that what might have happened is that he and his staff wrote the talk in advance and prepared for it in the hope that they could do a live DX11 demo. When it turned out to be not quite ready to demo in time, they prepared a video for the backup plan (not a bad idea anyway) and made light of it.
I would really be surprised if he went on stage thinking that he was going to pretend to play the game and actually fool the gamers who would undoubtedly be analyzing his video frame-by-frame. He could not have faked driving the race car convincingly without a lot of practice (or a self-turning wheel) and surely there would be at least one smart game/video developer involved in the preparation who would have told him that.
But I could be wrong. Dumber things have been done in the heat of the moment.
(FWIW I have given talks with very touchy complex actual live demos. But more often than not though it's been the little video clip that screws up in the presentation :-)
But I still don't think this guy's presentation counts as a fake demo.
And who knows? Maybe someday Intel will deliver a solid product for my purposes.