Yes — this photo is real.
It was taken from a helicopter over Fiji and this is one awesome looking photo. AirlineReporter.com’s own Jason Rabinowitz got to experience a similar low-fly-over when he headed to Fiji as well. Looks as good from inside the plane as outside.
This is also a good time to point out that as of June 27th, the Air Pacific name has been replaced with Fiji Airways and the Airbus A330s have started flying for the airline. The A330 product is leaps and bounds more impressive than the classic Boeing 747-400 Air Pacific product.