No it isn\'t. All it mentions is that the adapter has an interface for the hdd. None of the articles mention that it comes with the 40gig hdd.
From ps2.ign.com;
"This coincides with a strategic alliance with AOL, which was announced yesterday, where SCE plans to release the network adapter along with a hard disk drive giving consumers access to AOL features like instant messenger, email, and chat."
Notice how it says they are realeasing a network adapter along with a hdd? To me that means that they are selling them separately.