I've been eyeing these for a while and this is the cheapest I've seen the Echo 8GB go for. There are cheaper ones (Echo 4GB or the older Pulse model), but they're not discounted like this one.
Top this up to $200 and you can avail of the Paypal cashback, Amex offer, and the 3% MBC cashback for a true OZB bargain. ;)
For those unsure of what this does, this video (is long, but) is a good summary of what it can do: http://www.youtube.com/watch?v=XDocw6VfcV8
I have the first gen one of these. At first it seemed cool, but it just becomes tedious and novelty like to use IMO. Especially if you use more than one computer. And even more so for uni students as the majority of lectures are recorded with video. And the pen is fat so uncomfortable to write with. And the books were super expensive. I think it was about 30-40$ for a 4 pack from memory.
Newer ones might have more functions or something to make it better but I still think lecture recordings beat it. Looks to be a pretty decent price after all those extra cashbacks though.