Yes. That’s World of Warcraft running on an iPad.
1up.com reports that game designer Dave Perry (of MDK and Earthworm Jim fame) posted this pic on his blog recently. Perry’s current project is Gaikai, a cloud-based game streaming service similar to the much talked about OnLive, and the photo is of Gaikai’s streaming service sending WoW to the iPad over standard WiFi, Perry claims.
No comment is made regarding the actual play-ability of WoW via iPad (I’d wager that the soft-keyboard doesn’t make things easy), but if Blizzard catches wind of this and decides to run with it, the largest game in the world will get quite a bit larger.