This is not photo shopped. I saw this on my way to work the other day. Not certain how legal it really is, but this guy wasn't really worried.
The state issued plate is not obscured so, I don't know that they could say much. I'd drive like grandma though. I wouldn't want a cop with an itchy trigger finger to pull me over.
Most cops would probably love it. I think they would have a hard time writing a ticket on it. Nothing is obscured or altered. Here in New York State... They can write a ticket for having a dealer license plate frame obscuring part of "New York". The only time I've heard of them doing this is if you really give the cop a hard time and they have nothing else to write you for. The other scenario is they've decided to give you a break and write you for a non moving violation rather than a speeding ticket.