Yes, it is. Simple construction with high quality materials and machining. 100% easily user serviceable. You can gut a kill sure in the knowledge that you can clean and oil every nook and cranny and reassemble good as new.
Blade steel has good performance, but you can sharpen it without needing an edge pro (or take 12 hours to reprofile).
The finish on both blade and handle takes a lot of use without showing it. It's not like a rockstead polish, which looks better to me out of the box, but becomes obviously scratched with use. The sebenza is made to look similar to new, even after years of use. It holds its value in the secondary market in part because a used sebenza isn't that much different from a new one.
I hate buying expensive products where I suspect most of the money goes to pay for marketing. Fashion items, for example. $20 coats made in sweatshops and marked up to $500 with slick retail shops. But the sebenza? For the quality you get, $350 or $410 for a bare bones sebenza is a bargain. My kids will inherit them all.