The actual toy looks very much like the all-plastic version and is only metal from about the middle down.
It's still a good toy/tool but the photo that's been circulating around the web is a bit misleading.
;)

If you are a fan of Doctor Who, and you are watching the newest season with brand shiny new 11th doctor Matt Smith, I'm sure there's one thing we can all agree on: he is an absolute badass, and the new season is amazing. Confirmed. And perhaps you need a way to celebrate that. Could could steal my Tardis cookie-making idea, or you could be a lot less home-ec focused and simply pick yourself up a new sonic screwdriver.
Neatoshop has a solid metal diecast replica of the screwdriver, which not only lights up and makes sound but also happens to be an fully functional screwdriver. Put this in your toolbox and you will officially be the coolest person I know. You can snag one of these for $38.95, and why wouldn't you? I hate to be biased, but this is easily the coolest looking of all the sonic screwdrivers in my humble opinion...
[Buy at Neatoshop]