The device seen in the clip has no internals. It's just the back cover and the front glass assembled together. While the thinner side bezels are in line with the expected design for the iPad 5, the translucent logo seems unlikely. Recent leaks of the back cover for the next generation iPads have shown a logo that is its own mold implemented into the rear housing but not translucent. Also, AppleInsider notes that this feature would be difficult to implement.
Such a feature would be difficult to implement, however, as adhesive is used to secure the tablet's large battery pack to the interior shell wall, a design that covers the Apple logo in both the fourth-generation iPad and iPad mini. In theory, a light pipe or some other mode of light transport could supply adequate illumination, but the added build and parts costs may be prohibitive.
Check out the video below and let us know what you think!