Content: Real or Fake?

Many of you may be familiar with YouTube video sensation Lonelygirl15. For the uninitiated, she's a 15 /16 year old who posts short videos about her life as a homeschooled girl with limited social interaction aside from her movie-editor friend Daniel. A sample:

There are a few holes, like the fact that she's had almost 900,000 views (comparable to the Pulse trailer, paid front-page content) despite - let's be honest - pretty boring content. Then you have the high production values. And, of course, there is the strict parent/perfectly groomed eyebrow combination. (I can only imagine the conversation: "Rules are there for your own good, young lady, and that includes maintaining well-kempt arches!")

Anyway, I want to know two things from you all:
1. Do you think it's real or fake?
2. Does it matter?

In the wake of recent viral campaigns like Agency.com's Subway pitch and Court TV's "Lost Dog"/That Girl Emily, we've had a few discussions as to whether fake is necessarily bad and if fake trumps message. If fake is the new video blog, will it be long before YouTube content becomes like Letterman's "Ape or Artist"? (The answer, in case you were wondering, is always ape.)