Probably on sale due to the newer models arriving soon.
One per customer and can also stack the first 3 options with 12 months interest free offer.
38mm Stainless Steel Case with Link Bracelet - $824 (Normally $1648)
38mm Stainless Steel Case with Milanese Loop - $574 (Normally $1148)
42mm Stainless Steel Case with Stone Leather Loop medium - $624 (Normally $1248)
38mm Stainless Steel Case with White Sport Band - $474 ( Normally $948)
38mm Space Black Stainless Steel Case with Black Sport Band - $474 (Normally $948)
As Apple have just given this 1st gen model a speed boast and reducing the price, it isn't as good a deal as it looks. Plus even at 50% off it is quite pricey. Apples website shows that the normal price of the cheapest models is now $429, and I presume that is with the faster chip in it.