Is this Nokia N74?
Nope. N74 hasn't been announced by Nokia so far. And it hasn't been publicly released yet. And you can't buy it at your local store. And nobody couldn't even say for sure how exactly it would look.
Nevertheless, anyone of us Nokia lovers could easily make a guess on what are they going to come up with this time.
Undoubtedly, N74 will be a smartphone based on 3rd edition of S60 platform. And surely you'll be able to run typical S60 software on N74 and use Nokia themes to personalize the interface.
Probably, they won't even make any significant changes to hardware and software, and the phone will be almost identical to N73 and others. But what will definitely be different is its look.
The Project
If you have ever tried to design a Nokia phone that doesn't exist, you'd realize that it's way too difficult to make something new and impressive while keeping those imperceptible signs of Nokia style untouched.
However, one day we've decided to try and create a model and visualization for non-existent phone that would look the way that everybody would believe it's a new Nokia.