Both the sign-up bonus and the checking accounts are good deals. I posted on this deal in this September blog post
. Please refer to that post for more details.
I was just informed that this promotion has been extended to 12/31/2011
The current rate of its reward checking account (my green checking) isn't the best, but it's competitive: 2.25% APY on up to $25K.
It's rare to see bonuses on reward checking accounts.