That price is (at least was, yesterday) real.
I saw the $299 body-only price, but missed out on it while I searched the web for a deal on lens(es), since what I was shopping for was the kit.
Then, when the $299 became $499, I saw the e-330 body plus the 2 kit lens for $629.95. Instead of ordering it from Amazon, I went into the store (Adorama, that is), where I do a lot of my shopping.
Adorama's own web site had the e-330 listed for a couple of hundred dollars higher. But I asked for the $629.95 price, and was told by the (nifty) salesman that he'd be willing to sell it to me for that price if I insisted, but he'd prefer to sell it to me for $600. Apparently, the Amazon listing had dropped $30 in the 10 minutes it took me to walk from my home to Adorama's 18th St store.
A very nice shopping experience, and I am preparing this morning to get to know my new Olympus equipment (my first Olympus and my first DSLR, although I've used digicams and before that film SLRs for many years).
So, while I mourn withl the rest of you who hesitated and missed out on the $299 bonanza (which was, I suspect, more a mistake than a come-on), I am quite satisfied with the deal I got -- which is still at least a hundred (maybe more) dollars less than I thought I'd be spending for this package when I started shopping for it last week.
Anyway, nice to join you Olympians.
Ernie