No, a product is not an experience, it is part of an experience.
As I've written before, the idea that anyone can "design an experience" is incorrect. You design solutions and products that are a part of user's experience, and what you design has to be crafted in a way that both reflects the user's expectations and supports their needs and behavior. You do that be doing the "leg work" by researching the user and learning what works and what doesn't for them. When you try and "design an experience" I think some designers focus on the wrong things – the UI, the features – and therefore lose site of the people who use it.
A product can, however, be part of an ecosystem, which gets much closer to being a more holistic reflection of the user's experience. The best products have an ecosystem that is aligned with user's needs and workflows, and therefore is percieved as having a "better experience." What Apple has done with the iTunes/iPod/Iphone/Mac/iPad infrastructure is an attempt at such an ecosystem, and for many people this interconnected product suite works quite well for them. And it doesn't work at all for others… people are different.