What amused me the most was the incorporation of twin flamethrowers. What would one intend to do with such a thing? Go on a pyromania spree?
Well, speaking as a mechanical engineer, I am certain that the design of this thing was an extrordinary pain, and that it was yet more difficult to actually construct. From the way the description sounded, it still does not work aright and is simply a basic prototype. As such, I do not think it is fake, it just does not work as well as some might think it to based upon the pictures. Such mechanical actuation is extremely difficult to put into practice, after all.
Moreover, I am uncertain about the purpose of this. As far as anti-tank platforms go, it would be a disaster. It has such a large crossection, and is so high, that a single shot could utterly destroy it. One is far better off using an A-10, as three rounds from its Avenger cannon can disable a Main Battle Tank... and that gun is of the rotary gatling type, as the mini-gun is, and so fires at something like 4000rounds/min. Couple that with Maverick fire-and-forget missiles, and you have the ultimate anti-tank platform in existance. As far as ground warfare goes, to effectively combat a tank, you would need something akin to a tank-destroyer, with sloped armour to defelect shells, and with an extremely low cross section (take the S-Tank, for example). Yet another good anti-tank type weapon is a simple squad armed with anti-tank missiles. All three of these, already in existance, are far superiour to any form of mech. Truly, the only purpose I would see in a mech would be lifting, as an advanced type of forklift (although the complexity would far outweigh the benefits), or perphaps, if they can make it extremely mobile, as anti-infantry assault armour. Even then, something of this size might be vulnerable to the grenades fired from next generation rifles. The problem with any mech is inherently that it is too visible, and too easily shot at: artillery could hit it, and if mechs were ever to be created, they would just pull out their cruise missles, or simply bring back the good old 500mm railroad guns, and down crash the mechs.
Oh, and as you were speaking of military vehical weapons power vs. armour, I am certain the reactive armour on an M1 could easily counter the power of an AP shell. As far as airborne craft go, an A-10 should easily be able to survive a near strike from a missile. The thing can fly without a wing, after all, and it would take something in the range of a 20mm cannon to actually pierce the titanium cockpit.