They could've just shot a different scenario; one that did use a Lumia 920 and wasn't dangerous either.
Such an advert would have been very hard to shoot correctly.
It's an accurate representation of optical image stabilisation (OIS), but it's difficult to say whether or not it's an accurate representation of the Lumia 920's OIS capabilities. Based on the demo videos of the Lumia 920, indeed it appears to have a camera that bests its competitors considerably. However, I doubt that it's capable of the OIS shown in the video and actually shot by a professional DSLR. That to me, is not an accurate representation.
If what they simulate is an accurate representation, what's the problem?
Yes, they never said that the ad was shot with a 920. But having that video in the context of their Lumia announcements implied that the image stabilisation in this video was PureView technology, especially when Nokia's Executive VP was holding the phone out to the press and talking about PureView with that video playing in the background. That to me, is misleading.
Regardless, I'm glad that they've actually done something about this and issued an apology for causing any possible confusion.