The free checking account is the best deal for this promo. It requires only a $50 minimum opening deposit. It has no monthly fees or minimum balance requirements. The Student Free checking is even better with no minimum opening deposit, but you have to be under 24.
I called the BB&T yesterday, and the service rep stated that this promotion is available to people in any state, even in states without BB&T branches. However, it has been reported that the online application restricts account opening to people in states that have BB&T branches. If you're not in a state with a BB&T branch, I would recommend calling to see if you are eligible.
The service rep said that only a soft credit inquiry would be done rather than a hard inquiry. Take this with a grain of salt. The service rep wasn't too familiar with this issue.
BB&T has branches in North Carolina, South Carolina, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Florida, Alabama, Indiana and Washington, D.C. The bank is FDIC insured.
Credit for finding this promo goes to Slickdeals member db0973 who posted it on this slickdeals thread.
[2/25/07 Edit: Updated info on state eligibility.]