I used to assume "made with real fruit" meant it was mostly fruit. Then I saw the ingredients list on a yogurt pouch. The first three things were sugar, water, and corn starch. The actual fruit was way down at the end. It's a total bait and switch. "Natural flavors" is another tricky one. That just means the flavor came from a plant or animal source originally, but it's been so processed it's not real food anymore.
Well, I see it a bit differently than the_ryan. That label is more than just a fact, it's a marketing trick meant to make you feel good about buying it. They know parents want to give their kids something healthy. So they put "real fruit" in big letters to catch your eye, hoping you won't check the tiny print on the back. It's designed to mislead, not just inform. Another one to watch for is "good source of vitamins" when it's just been fortified with cheap vitamins after all the real nutrition was processed out.