That statue is outside of Stirling, Scotland. I've been to see it, and yes it is real. And yes, it is every bit that ridiculous.
Wasn't in a cage when I was there, though.
In 1997, a statue of “William Wallace” was placed in the car park of the Wallace Monument. The statue however appeared not to resemble the historic face of Wallace; rather it seemed to be modelled after Mel Gibson's appearance as Wallace in the film Braveheart. Wallace’s shield even reads the word ‘Braveheart’ as can be seen on the image on the right. William Temby claimed that Scottish people found this disturbing and that groups have agitated for the removal of the statue due to its obvious lack of authenticity. Officials denied this request, and the statue has been subject to regular vandalism. As a result it was, incongruously for a sculpture that bears the word "freedom", enclosed in a security fence.
http://en.wikipedia.org/wiki/Wallace_Monument