it is.

huitseeker➜~/Scala/sbteclipse(master)» sbt -with-bundled-scala-containers=false eclipse                                                                        
Picked up _JAVA_OPTIONS: -DJINTEGRA_NATIVE_MODE -DJINTEGRA_COINIT_VALUE=0 -Dsun.io.useCanonCaches=false -XX:ThreadPriorityPolicy=42 -XX:CompileThreshold=1500 -XX:+TieredCompilation -XX:ParallelGCThreads=4 -XX:TargetSurvivorRatio=90 -XX:MaxTenuringThreshold=15 -XX:+UnlockExperimentalVMOptions -XX:+UseAdaptiveGCBoundary -XX:PermSize=64M -XX:MaxPermSize=256M -XX:+UseGCOverheadLimit -XX:+UseBiasedLocking -Xnoclassgc -Xverify:none -XX:UseSSE=3 -XX:+UseThreadPriorities -Djava.net.preferIPv4Stack=true -XX:-UseLargePages -XX:+OptimizeStringConcat -XX:+UseFastAccessorMethods -Xrs -XX:+UseCompressedOops -XX:+AggressiveOpts -XX:ReservedCodeCacheSize=512m -XX:LargePageSizeInBytes=2m -Xmx1536m
[info] Loading global plugins from /home/huitseeker/.sbt/0.13/plugins
[info] Loading project definition from /home/huitseeker/Scala/sbteclipse/project
[info] Set current project to sbteclipse (in build file:/home/huitseeker/Scala/sbteclipse/)
[info] About to create Eclipse project files for your project(s).
[info] Updating {file:/home/huitseeker/Scala/sbteclipse/}sbteclipse-core...
[info] Resolving org.scala-sbt#sbt-launch;0.13.0 ...
[info] downloading http://repo.typesafe.com/typesafe/ivy-releases/org.scala-sbt/scripted-sbt/0.13.0/jars/scripted-sbt.jar ...
[info] 	[SUCCESSFUL ] org.scala-sbt#scripted-sbt;0.13.0!scripted-sbt.jar (978ms)
[info] downloading http://repo.typesafe.com/typesafe/ivy-releases/org.scala-sbt/scripted-framework/0.13.0/jars/scripted-framework.jar ...
[info] 	[SUCCESSFUL ] org.scala-sbt#scripted-framework;0.13.0!scripted-framework.jar (796ms)
[info] downloading http://repo.typesafe.com/typesafe/ivy-releases/org.scala-sbt/sbt-launch/0.13.0/jars/sbt-launch.jar ...
[info] 	[SUCCESSFUL ] org.scala-sbt#sbt-launch;0.13.0!sbt-launch.jar (2017ms)
[info] Done updating.
[info] Updating {file:/home/huitseeker/Scala/sbteclipse/}sbteclipse-plugin...
[info] Resolving org.scala-sbt#sbt-launch;0.13.0 ...
[info] Done updating.
[info] Successfully created Eclipse project files for project(s):
[info] sbteclipse-core
[info] sbteclipse-plugin
huitseeker➜~/Scala/sbteclipse(master)» sbt with-bundled-scala-containers=false eclipse                                     
Picked up _JAVA_OPTIONS: -DJINTEGRA_NATIVE_MODE -DJINTEGRA_COINIT_VALUE=0 -Dsun.io.useCanonCaches=false -XX:ThreadPriorityPolicy=42 -XX:CompileThreshold=1500 -XX:+TieredCompilation -XX:ParallelGCThreads=4 -XX:TargetSurvivorRatio=90 -XX:MaxTenuringThreshold=15 -XX:+UnlockExperimentalVMOptions -XX:+UseAdaptiveGCBoundary -XX:PermSize=64M -XX:MaxPermSize=256M -XX:+UseGCOverheadLimit -XX:+UseBiasedLocking -Xnoclassgc -Xverify:none -XX:UseSSE=3 -XX:+UseThreadPriorities -Djava.net.preferIPv4Stack=true -XX:-UseLargePages -XX:+OptimizeStringConcat -XX:+UseFastAccessorMethods -Xrs -XX:+UseCompressedOops -XX:+AggressiveOpts -XX:ReservedCodeCacheSize=512m -XX:LargePageSizeInBytes=2m -Xmx1536m
[info] Loading global plugins from /home/huitseeker/.sbt/0.13/plugins
[info] Loading project definition from /home/huitseeker/Scala/sbteclipse/project
[info] Set current project to sbteclipse (in build file:/home/huitseeker/Scala/sbteclipse/)
[error] Expected ID character
[error] Not a valid command: with-bundled-scala-containers
[error] Expected project ID
[error] Expected configuration
[error] Expected ':' (if selecting a configuration)
[error] Expected key
[error] Not a valid key: with-bundled-scala-containers
[error] with-bundled-scala-containers=false
[error]