Damn right.
Now, I haven't opened it yet, so I can't absolutely verify that there's an iPod in there and not a slinky-snake or a pile of dookie, but I'm fairly confident.
The reason I haven't opened it is that I intend to try to extend the bounty by taking it to CompUSA or some equivalent retailer and exchanging it for a 40GB model (paying the $100 price difference, of course). I'll say it was a gift and see if they bite. If so, free iPod becomes $100 big iPod. If not, free iPod is free iPod. Either way, iPod.
So there.