As antivert said: "...one thing I'm liking about the idea of "terrible product" is that the word "terrible" has many different connotations.  That hits just about every one of them."
 
The iGoatse hasn't gone into mass production yet, but it's only a matter of time.  The site proudly displays its injection mold as well as a finished prototype.  The Goatse in-joke is so ubiquitous, it's unimaginable that demand won't stimulate supply.  A mate of mine already has one on order for his girlfriend.
 
Personally, I'm most impressed by the wedding band on the ring finger.  Just like in the original hello.jpg.   It's these little touches that separate fad from greatness.