I'd say it really a run of the mill gun. Most have rails for mounting a light, which ruins the smooth lines of the 3rd gen for me. It's entirely possible that it is a LE trade in and he could have got it for less than $400.
I say it depends on condition and if you want it (or if you are a dealer, if you can mark it up enough).
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I miss my 4546 the most.
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