This isn't a massive discount from the $479 RRP but considering this is sold directly by Amazon and is the upgraded 128 GB version it seems like a good deal if you were considering the headset. There is a cheaper listing for $449 however this is sold by an unknown seller without any feedback so I would advise against purchasing from that listing.
You can also get $47 of Oculus Store credit by using the referral system, you will need to send a PM to a member and add each other as friends on Facebook. You can then get them to send you a unique code from the Oculus app which will grant you both $47 of Oculus store credit upon activation of your headset with your associated Facebook account. You will need to remain friends for 30 days after activating the headset to ensure both parties receive the credit.
Given the direct price from the US would be around $440 before shipping, price drop is warranted as things open up.