The embroidered logo looks badly done. I'd say it's a fake.
I have an older Baltoro (2002?), though not here in front of me, and the cut seems slightly different, though mine is all black, so the lack of contrast makes it a bit hard to tell.
Note that between total fake and total genuine (bought in the NF store downtown etc) there is a grey area where genuine NF (or Marmot etc) products escape the 'system' and can be bought cheaply, especially in China or wherever they were made. Some stuff on eBay is this product, though it can be hard to tell.