Yes I've been coming to B&N to check it out. I've still haven't bought it, but I will.
Anyway, I opened the box; yes, it's paper. Although the life boats are made of plastic, all the other pieces are cardstock. The parts are pre-cut, so little kids can detach the pieces without the need of knives.
Also, there is a little book with history and the instructions. Also the threads for rigging the model.
Do I recommend it? That depends. If you want it, go for it. Anyway you can go for Currell's Titanic
, and have a very good detailed model too (you can always have it printed enlarged).