No. Konami say it's much, much more than that, and the more you complain about the price of the gunmetal PS3 (around $US 100 more than a vanilla one), the more upset you'll make them. Sure, part of the increased cost comes from the fact it's a limited edition - they've made less than 10,000 of them - but the rest comes from the fact the console's very body has been replaced with a more matte material, giving it that dull, gunmetal finish. Same goes for the control pad. So not a paintjob, OK? A whole new surface. Learn it. Live it. Love it.
MGS4 Limited Edition PS3 Bundle Clarifications [Konami, thanks Hatchetforce!]