I hope it's fake. Hooked up to the ethernet controller like that, it wouldn't take long to upload the entire contents of a 4mb mem chip. I wonder how you would make the remote call. Does it have an embedded OS?
It sure would be hard to detect. Most laptop owners don't have the time or skills to open the case, or would want to, since it would void the warranty.
Dell has our company's supply contract. Our sys admins already know what everyone is doing, but having a keylogger sure would take it to a different level. Even on an encrypted web page, all your data would belong to whoever could read that chip.
That might be a security nightmare of a different sort. If there was a back door into this thing, anyone with it would be open whenever they went on the web. A least with Linux you don't have to worry about software backdoors like Windows.