It's real! We've been told since day one that the BlackBerry PlayBook will hit the market with both landscape and portait orientations working in full effect (they better be!), but to date we've never actually seen it display the OS in portrait orientation in real live action. Of course, we've seen some photos showing this off on the BlackBerry.com website, but that's easy to do in photoshop.
Jump forward to the 10m55s minute mark in the video at the link below that was captured at Lotusphere of a demo being conducted by Paul Steel of RIM, and you can see some portrait action of the homescreen and keyboard on the PlayBook. I guess Portrait orientation on the PlayBook isn't a unicorn afterall, though it still looks to be somewhat a work in progress on the software build shown off here (note that of the open apps, when shifted into portrait, two of them stack up vertically and it looks like an open weather app didn't really flip orientation (photo above). Mobile World Congress is coming up soon in Barcelona, so hopefully we'll see portrait mode running on all the demos by then. Between now and then, if you come across any other clips of the PlayBook online running in portrait, be sure to let us know as we want to get a better look!