From an iPad2 display at the Apple Store. The standees are printed with pictures on both sides, rather than just one side.
This is fascinating when you consider the effort it takes to do this -- it's not trivial. First you'd need to photograph both the front and back sides of the model, of course. Preferably simultaneously, if you can manage that. Then you'd probably also need to tweak the back photo a bit to get it to exactly match the cutout shape from the front.