It isn't going to sell well at all outside of a few collectors and a few die hard Call of Duty fans, which might be enough to sell several thousand.
It is way too much money. With the PS3 slim down to $299, I'm not sure how an SKU of over $300 will fly these days. At least in previous years, since the PS3 was $400-600, having a $399 SKU would be fine because your competitor was priced similarly. Now? I just don't think that is going to work. Besides, it has been out since 2005. Having a model out there for the same price it launched four years ago isn't really a good idea.
Maybe MS is making only 25,000 of them or something.