Yes. It is removable. However, in the infinite wisdom of the Ford designers, there is a piece perpendicular to the floor that attaches to the back of the console. This means that if you remove the console, you'll have a metal plate sticking up. In addition to that, the area under the console isn't carpeted.

I fixed this problem by fabricating a steel cover out of diamond plate that attaches to the floor the same way the console did. It just looks like a steel plate on the floor but it covers the area where there is no carpet and the mounting bracket for the console. I have some pictures around here somewhere. I'll post them in a few days if I can find them.