Don't know this is true in the US, but there have been some real fire sales on Olympus dSLR's in my neck of the woods (Finland, that is). Olympus E-420 kit with 14-42 mm and 40-140 mm lenses (the crop factor is 2x) are being sold at €399, which includes 22 % VAT. The pre-tax price for the kit is therefore just over €325, which I think is pretty great.

If I was shopping for a first dSLR and this kit were available for around $400 or so, I'd look at it very carefully...

Cheers,
T.

PS. I am a Nikon man myself and have invested so much in Nikon lenses, I am pretty much stuck. Not that I am not happy.