Dunno for sure about the US, I think the orange tip is required.
In the UK it's almost certainly not legal any more, It'd probably be classified as a Realistic Imitation Firearm.
Not to mention, if, as it appears, you have to put the ps3-mote into the pistol grip assembly, that's probably considered manufacturing a RIF, which is illegal too.
Unless you jump through hoops backwards with the collective idiocy of the labour government balanced on your head, you're not getting one.
Not until they get released in labour approved not real gun colours.
I for one, look forward to a fabulous pink gun-a-like, but only if they release a PS3 to match.