Looks like a good one to me. I'm not sure what you mean by "full XTR" though since the cranks are obviously not XTR. That would make me want to look a bit deeper.
I'd check some of the parts that look to be no-names in the photo. The seatpost, stem, headset, bottom bracket, and handlebar all could be extremely low quality parts. Check the wheels, too, as they could easily skimp there. Are the V-brakes and levers XTR also? I can't tell from the photo but I've never ridden v-brakes so I'm not sure what they look like.
If you're happy with the components that aren't XTR, then I'd say it's a killer deal. Personally, I'd build up a custom XT bike with disks for that money but if you want something complete, this looks like a good one and it's wicked light.
EDITED: Several people mentioned it looks too shiney and cheap. I think I figured out why. The seatpost, stem, handlebars, and rims are all silver. Most of today's bikes (at least the ones I looked at before I built my bike) are coming with black parts there.