Marked down from $120 at rei.com. you can probably find them in stock at your local store also.
Bought one yesterday. It's fully featured. 2.5 layer W/B with pockets, pit zips, a zip-off hood w/stiffened brim, etc. for 13 oz. (size medium). not the lightest but for that cheap it may be worth it. not sure about the breathability. i'll post a review after i've had a chance to try it out.
here's bpl's stats on it:
REI Ultra Light