I'm not sure how "hot" of a deal this is, but it looks interesting enough to at least pass along in case someone is looking to get into underwater photography. The $1299 package consists of: Olympus E-M5 (mk I) Olympus 14-42 II lens Olympus PT-EP08 underwater housing Olympus PPO-EP01 lens port (fits 14-42mm as well as 9-18mm, 12-50mm, 45mm, 60mm macro and 75mm) Olympus PPZR-EP02 14-42 zoom ring (also works with 9-18mm) The MSRP on the housing alone is $960, and the best price I see for it is $600. The lens port retails for $400 (best price is roughly $300 on eBay). The zoom ring goes for around $30. So that's around $1000 for the housing bits, so you're getting the E-M5 kit for around $300.