Here's a high-res version:
So - to our in-house Photoshop experts - does that look fake to you? It sure doesn't to me...
As an expert in revealing internet fakes, and a big fan of PS contests, my analysis.
Shading and reflections are consistent across the entire picture, with sun flares and shadows following the contour of the wrinkles in the banner. This is almost impossible to pull off in Photoshop and would require far more time than what has elapsed between now and Kerry's comments to create.
The letters are in the same style, but non-identical. You can spot subtle differences between the two R's in 'Carry.' Most Photoshop artists copy and paste letters. Creating distinct letters that appeared hand-painted requires a painstaking attention to detail.
Small smudges and paint running can be seen on the banner, another detail requiring pixel-to-pixel detain to imitate. With such a high-rez image, I'm having a hard time believing that a Photoshop artist could recreate such detail so quickly.
Lighting on the banner is consistent with the lighting on the troops' uniforms and with their shadows on the ground. Additionally, the banner is properly wrinkled in a consistent manner with where the soldiers' hands are placed, proving beyond a reasonable doubt that the banner was not shot seperately and added later.
That's my analysis, but, of course, the easy way (for the media, anyway) would be to figure out who was in the picture and just ask them.