The offer is only available in the following states: TX, IL, OH, CO, MI, OK, NY and UT. The checking account requires a minimum opening deposit of $100.
The other small print of this offer is the same as the $125 bonus that I posted on in October. Please refer to that Chase post for the bonus details and the things to watch out for.
For those not in one of the above states, Chase still has a $75 checking account bonus that's available online and doesn't require a branch visit. Here's that $75 promo page link. This bonus expires on 12/31/07. According to the small print, the cash bonus will be automatically deposited into your new account within 10 business days of account opening which is one advantage over the branch bonus.
[Edit: Online bonus link updated.]