Obviously the above video is just a farce and we're having some weekend fun here on HotHardware, but guess what? Rubber-band electronics is a real technology, just not to the extent shown in the video above.
"Researchers at the McCormick School of Engineering, working with a team of scientists from the United States and abroad, have recently developed a design that allows electronics to bend and stretch to more than 200 percent their original size, four times greater than is possible with today’s technology. The key is a combination of a porous polymer and liquid metal," McCormick School of Engineering, Northwestern University, states in a blog post
Image Source: Northwestern University
The fundamental problem with stretchable electronics is that electrical conductivity disappears rather quickly, even with a small amount of stretch. So no, the iPhone 5 and iPad Mini aren't the same device, but don't rule out the possibility that future versions could be.
"By combining a liquid metal in a porous polymer, we achieved 200 percent stretchability in a material that does not suffer from stretch," said Yonggang Huang, Joseph Cummings Professor of Civil and Environmental Engineering and Mechanical Engineering at Northwestern University. "Once you achieve that technology, any electronic can behave like a rubber band."