Yeah, that;s a pretty good deal, although I never count on rebates to save money.
Never count on them for saving money
but rebates are still worthwhile. It just sucks that by the time you get the rebate back in the mail, the part you bought is obsolete and you're not even using it anymore. During the whole rebate madness during the late 90's. Every part I put in one PC had some sort of rebate. By the time I started getting the first rebates back, the PC was already retired, dissasembled, scrapped and parted out. I was three generations away from the original video card before I got the rebate for the first one.

Rebate centers are a little better about sending back rebates nowadays. Still takes forever, but it doesn't take so long that whatever you bought is already obsolete. I'm not sure, but I think there's a time frame that they have to send you the rebate back or deny it. In the past four years, every rebate came back within the year.
edit:You know what? After a little more thought. They're not worth it at all. All the time you spend filling out and chasing after rebates just doesn't make it worthwhile. Buy the product based on its merits and send the rebate in.
If the check comes back, consider it a little bonus.