If it speaks to you, it's a watch to have. Most collectors seem to view it favourably and love the case. Personally, I've lost interest and am indifferent towards it nowadays. Maybe i'd like it more if it had come with a cool bracelet rather than a strap, but I generally just shrug my shoulders.
I'd argue that the black was limited. I remember when the polished/black dial came out I was told it was limited. Then it disappeared and when the polished/blue dial came out the polished/black dial reappeared again and that's when I got mine.
It could be many reasons. It could be the watch didn't sell through and became available again after the tri-weekly/monthly reconciliation of inventory. It could be it was transferred from another store. For instance, the Alum C6 and 10th Anniversary TBII bounced around a lot. So the watch is limited edition, but we don't necessarily what the final numbers are; it could be 150, 300, or it could just be limited to method of distribution (e.g. O Store, Vaults, key accounts). "Limited Edition" has always been a loose term with Oakley unless the product is etched with a finite number.