Gigabyte's stuff is pretty good from what I've seen.
Anyway, looks like they're really pushing to clear out the old LGA 775 stuff. It's a good deal but it'll be obsolete in less time than usual, maybe in 1-2 years. For that reason alone I'd have doubts about buying it. At least the processor's not bad.
RAM, HDD, and OS not included... Add those in and you're looking at at least $230 if you get Linux, probably $350 if you get Win7.