odium: I already have 2 of the little buggers. I aint ready for more!
MeintevdS & SimonT: EarthQuake is right. It's just tinted AO. Specifically, Its the mental ray Ambient/Reflective Occlusion material in Max. I changed the default white and black to blueish white and rusty brown. I also put a fresnal falloff material in the self illumination slot to fake a rim light but you can hardly see it.
Drakon: max for the subD mesh and Mudbox to sculpt
rooster: hehe. It's definately a frankenstein's monster of a weapon. I'm contemplating infinite ammo for the final game so not even the magazine makes any sense
Oniram: yep Gears is an influence for sure!