I believe this could be real, but the wings are powered by 4 electric motors. He uses an HTC Android phone and a WiiMote to read the movements of his arms, and that readings are used to control the wings.
There are many more details on his blog http://www.humanbirdwings.net/project-timeline/
Edit: JoeCortopassi raised some good points in his comment. I'm not so sure this is plausible, even with the 4 motors.