Is this ebay item too good to be true?

http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=180456817326

I just saw this on ebay.co.uk and the first thing that popped into my head was “what is the catch?”. I know it contains no peripherals and I doubt it has an OS installed, but what else do see that is wrong with it? (I am a tech nub).

I do not want to buy this, but am still interested. Might stalk them for in the future when I have money to blow.