Hello?
In the past we've seen plenty of fake stuff, including the famous Ashbringer. But eventhough the Ashbringer was fake the person who created the fake was pretty close with the stats to those of the Corrupted Ashbringer.

Why this could be a fake? Well, someone was bored.

Why this is not overpowered? Well, let's begin:

1. DMG, the base dmg is not that much higher from that of the BoP 2hd crafted weapons. Bloodmoon has a DPS of 123.6, this baby has a DPS of 156.2, rough increase of ~33. If you make the comparisson between Hand of Ragnaros and similiar weapons from MC and BWL you get an increase from about 15 to 0 DPS, with Ashkandi having even better DPS than Hand of Ragnaros. However, the fact that health is going to scale up greatly in TBC supports the fact that a TBC legendary should have a greater increase in DPS.

2. +82 STR and +74 STA, both stats are a little high, eventhough Bloodmoon has an attackpower increase of 106, which is 53 and for another comparison the Gladiator 2hd axe has +48 STA and 64 attackpower. And, again since blizz puts a lot on emphasis on stamina in TBC 74 might be high but still somewhat reasonable.

3. Critical Strike Rating +80, Hit Rating +35, at lvl 60 80 crit rating would be 5.7% which is pretty high, at 70 of course this value goes down. For a comparison again Bloodmoon has an increase of 52 crit rating. The value on the legendary is higher but not that much higher.

4. Immunity to Fear? Well, you obviously won't tank with that weapon, at least not TBC. You might be able to tank teh old stuff and with the immunity prevent boss problems like onyxia. Is it a huge thing? The answer is no, most warriors will never be affected by fear if they know how to play pvp correctly, at lvl 70 even MS warriors will be able to spec into deathwish, most other classes can break fear with the pvp trinket, ice block etc. etc. undead have their race ability, allies have 2 races with fear ward for their priests. Overpowered? No, but definetly helpfull.

5. The Proc. First of all teh 700 attackpower. If you think that is overpowered you quit the game. The Untamed Blade has a 300 STR proc which is 600 attackpower so alltogether a small increase. Immunity to stun and move imparing effects? Well guess what, that is really helpfull, if you haven't played a warrior yet you should try it, this buff would actually be the best thing that could happen to a warrior. Stuns and move imparing effects are one of the biggest problems a warrior has to face in PVP. With the last patch most classes have gained an increase in DPS that is not comparibale to that of a warrior. Ask any warrior how he or she would feel about a weapon that did not have any of the stats that this legendary has but which would have only the stun and move imparing proc and you would see that the majoriy of people would be thrilled about a weapon like this.

5. Eventhough anyone who can wield a 2hd axe could use this weapon this is in my opinion a fury weapon eventhough it is a 2hd weapon. In the end DKP will determine who will get it. But the700 attackpower proc teh 82 STR make a huge increase in Bloodthirst, also Slam is now a 0.5 sec ability if specced into and will be uninterruptable in TBC which will make it finally more usefull in PVP.

The Last Point: This is a legendary, remember when the firs eye of sulfuras dropped. The effort to gain Hand of Ragnaros was huge. The same was the case with Thunderfury and Atiesh. All legendary weapons take time to complete and a lot of effort. Today it might be easy to buy the mats for Hand of Ragnaros if you get the eye because many guilds are raiding MC content and you could propably buy the ingredients but back then when Hand of Ragnaros was the TOP weapon it was considered hard to get and it was the TOP weapon. Also consider the amount of effort you have to invest to become attuned for Hyjal.

This weapon is definetly not overpowered considering we haven't seen any info on how to get it.