I think this footage is 100% genuine and here is why:
1. Men who are wearing prosthetic cocks tend to be self conscious: they hold the base, fiddle with it, hide the straps with clothes etc, but this guy acts completely natural. He shows his stomach, rarely touches his cock and generally throws it about like he was born with it. He certainly doesn't seem to be worried about it falling off, nor does he seem to be 'acting' with the knowledge a digital cock will be added later.
2. The 'snaking about' and frames that seem to show a 'join' midshaft are symptoms of the footage being shot in low light. In these conditions very fast movement will be approximated by the camera sensor, giving a pixellated and sometimes jerky appearance. In fact, the blue/green colour cast is also symptomatic of low light.
3. The woman is wearing a disguise because, I suspect, she likes to be seen, but does not wish to be recognised: a typical exhibitionist then!
4. The footage is shot from a distance through an open window by someone not skilled with a camera. Towards the end you can hear the commentary between the camera operator and his girlfriend. Again, it seems completely natural and unstaged.
Either this is one of the most technically elaborate and carefully staged non-profit sexual hoaxes we've seen, or perhaps some unlucky guys with cute busty wives and 10in+ cocks like to fuck where they can be seen...
Hmm, now which is more likely?