YES this is real. And YES it is terrible. Firstly, if you're a fan of the original series, you'd know that MacGyver was an only child, so the fact that this series stars his nephew is a bit odd. Why wouldn't they just run with the fact that Mac had a kid in the series?!
This planned WB series never got beyond filming the 2003 pilot, and in fact it never actually aired. The show takes more from the MacGyver pilot than the series in that it's way more about espionage and spies and stuff, and less about Mac getting out of precarious situations with every day bad dudes. Young MacGyver, Clay, played by Jared Paledecki works for his uncle's previous employer, the Phoenix Foundation doing whatever it is they actually do. But unlike his uncle, young Clay is know for his brash and devil-may-care attitude that seems everyone hates. The only thing that keeps him around is the fact that he's Richard Dean Anderson's nephew.
The whole plot is beyond ridiculous, but I must admit that the idea of new MacGyver-esque show appeals to me. I just wish they would make it not stupid. SEE BELOW FOR STUPIDS:
The rest of the show is available via that video's page if you're interested in being upset. But if you're interested in being amazed, see below: