That is exactly what it looks like, our machine is an HP 360 Latex printer so what we would do is print the black ink onto the red chrome vinyl (just as you thought). The Latex printer uses heat to dry the ink onto the vinyl. That is some seriously detailed artwork that took someone a long time, but of course it's worth it when it's applied to a P1! We can do a whole wrap but it wouldn't be very cost efficient unless you were in the area. lol and this would take some deep pockets for the design time factor. Nonetheless a great example of what new print technology is capable of.
2006 Phantom Black Elise --- Full Carbon Fiber Interior, Composite Worx CF Seats, AP Racing Big Brake Kit