There's more than just the one picture:
http://forum.eksiazki.org/post113803.html#p113803
I have a hard time to believe it. In the first picture (no light) the H2O doesn't even look remotely gray, the way eInk displays usually do. But on other review sites you see the H2O with the regular eInk gray. So I think those pictures may be deceiving in some way.
Still waiting for more detailed reviews...