Yes, as far as we know, this is really George Michael and Kate Moss, photographed by Mario Testino, on the cover of Vogue Paris's October issue--the glossy's second issue since EIC Emmanuelle Alt's redesign (which also featured Moss on one of the covers).
Even though Kate Moss did star in George Michael's recent comeback "White Light" music video, and can't really go more than a month without appearing on a Vogue cover, this was a bit of shock to our senses. We're not sure what it is exactly--the sparkliness of Moss's red dress? The candidness of the photo, which looks a bit like it could have been taken on a red carpet? George Michael's presence? His eyebrows?
Commenters on The Fashion Spot seem confused as well. As "mikel" put it: "It looks like a paparazzi shot taken at Madame Tussauds." The forum's many Emmanuelle Alt haters are having a field day.