Yep, that's the official word from Porsche as of just a few minutes ago. The images posted along with the announcement show a Martini-liveried car doing its dirty work.
For reference, a 7:14 lap is not only faster than its own target of 7:22, but faster than the Corvette ZR1, faster than the Nissan GT-R, as fast as the Lexus LFA, and nearly as fast as the very track-oriented Dodge Viper SRT-10 ACR--in a hybrid that could be good for up to 78 mpg.
Porsche's 918 Spyder development lead Dr. Frank Walliser said, "With the time of 7:14 minutes, the 918 Spyder prototype is already proving to be a fully sustainable concept after just a few months on the road." The company also confirmed the 7:14 lap time was set with the aid of the "Weissach" package, which "includes measures to improve driving dynamics." Porsche also confirmed the 918's output at 795 total horsepower, and stated that the lap time was achieved on "production intent" Michelin street tires.
Yeah, we can get behind that.