Pretty good deal if you're buying from a brick and mortar store.  But if ebay is an option...

Impact with battery $239 inc. shipping (new, not reconditioned)

Impact w/out batt $145 inc. shipping (new, not reconditioned)

spare batteries $93 inc. shipping (new, not reconditioned)

Best retail deal I could find for 0779-22 impact with batt is $450 at cpomilwaukee. 

You could spend $384 for the same deal on ebay, save $66, and not have to wait on the rebate turnaround.  That would almost get you another spare battery ($78+15 shipping).  Something to think about.

I have the 18v version that is several years old and wouldn't be without it.  It's handy, no, it is super handy. A lot of times it's just not worth dragging portable air out.  Plus, it fits in the tractor.