Let it die!
It was the back page of iCreate magazine http://www.icreatemagazine.com/forum
, issue one. I photoshopped an iPod and SE phone together, as even back then (2003) we were hungry for the iPhone, and it was around the time when the iPhone.org link was discovered. There were also many hints of an SE and Apple partnership.
I probably shouldn't mention the phone call we got from SE, but it went along way to suggesting we were on the right track...
iCreate did a long running series of mocked up, much desired Apple products; including my personal favourite, the MacBook DS. The Typography is indeed Apple Garamond, it was made deliberatly retro because (a) We didn't want readers to confuse it with an Apple Ad (it also had the header "What if Apple Made..." and (b) The old Apple ads were just so beautiful.
At the time we had a serious concern that the iPhone would be released in the two weeks between sending the issue to the printers and the on-sale date. I can't believe that over 3 years later we're still waiting; I just hope the model we're hearing about now doesn't get Steved like the SE one!