That box better be high quality, or else I won't touch it.
Other than that I don't find much to warrant such a hefty pricetag.
Anywho, for those who don't want to click the link:
God of War 3 Ultimate Edition consists of:
Exclusive Collectibles
• High-End Sculpted Replica of Pandora’s Box
• Limited-Edition God of War Art Book featuring exclusive art, content and interviews
Exclusive Digital Content (Available via PlayStation Network voucher codes on day of launch)
• God of War Combat Arena containing an exclusive environment and seven challenges
• Premium Kratos Skin – Dominus
• God of War: Unearthing the Legend Franchise Documentary – a full-length movie documentary depicting the history of the God of War franchise
• God of War Trilogy Soundtrack – God of War, II, and III scores from the game (mp3 digital download).
• God of War: Blood and Metal EP – a heavy metal homage featuring original music inspired by God of War (mp3 digital download).
MSRP is $100; Amazon has it for $90 at the moment.