Its an ok deal for $700. Definetly not worth $1044 though. I got on the 1201/4101 deal and am quite satisfied. More computer for less money.
They are giving you a Mobility CPU and a decent video card for a laptop - two of the more difficult things to upgrade in a laptop. If you want to game you may need more ram but that is readily available - some deals here on this board.
You get a Lithium battery which is what you want today, and a decent office suite - Quattro Pro/WordPerfect.
Its not worth upgrading to a combo or even a better Cpu since you might just as well get a better laptop deal to begin with. For a basic laptop though this is just fine.
Dell has been running some good laptop deals lately too.
My buddy just bought a 2650 Se for $1037. P4 1.7 mobility, 256Mb,30Gb,CDRW/DVD combo drive,free shipping.