I normally ignore rumors, of which there have been more than a few when it comes to the Galaxy S III, but they're sort of a bit harder to ignore when a device that claims to be the much anticipated device shows up in a full length video rather than just a random blurry image. The video first appeared on the Vietnamese site Tinhte before getting taken down, leaving Engadget with a copy of the video to keep the "myth" going.
The device in the video registers as a GT-I9300, which is consitent with what one would expect the S III's model number to be. The screen is a 4.6-inch 720 x 1280 screen which registers as 720 x 1184 thanks to the on-screen buttons. The CPU registers as quad core 1.4GHz with a Mali 400 GPU backing it up, which basically means upgraded S II specs rather than a complete upgrade to A15 cores and a more recent version of the Mali. 1GB of RAM, 8 megapixel camera, microSD slot, and 16GB of internal storage is the same as the current S II, while the ~2000mAh battery (same as extended battery on the S II) at least has NFC capability.
Some people are speculating in the comments of Engadget's article that this isn't the S III, but some new mid-range model. The S III has so many rumors surrounding it at this point that this thing in comparison seems mid-range. It's not that these specs are bad, it's just that people were expecting the upgrade to be much more significant, and while I hate to speculate, I'm not convinced either. Then again, this is basically a Samsung version of the HTC One X we're seeing in the video, so expecting it to be more than that can also be called slightly optimistic. I guess we'll find out soon enough.