That's $30 off the normal price, if you're curious, and since this is the holiday bundle, you also get two free games (LEGO Batman and PURE) as well. Not a bad deal, I guess. Check out the listing on Amazon.com for details.
Edition: 120GB Elite 2009 Holiday bundle
Includes LEGO Batman: The Videogame and PURE
120GB hard drive
Sleek black console with matching wireless controller and headset
HD ready - with an HDMI port (HDMI cable sold separately)