It seems to be a good deal - but it is only worth it if you love it and will use it! If it's going to sit in your closet it really doesn't matter how little you had to pay for it Since you're asking here if you should buy it or not it sounds like you already have doubts about it ... I would let it go
These went for severly discounted prices over at DSW when they had their Gucci sale on-line. Incredible deal - especially for Guccissima. Not sure what size you're getting but these totes are GIGANTIC! Check out the outlet thread (they had them at higher prices) for modeling pics.
Don't buy something just because it's on sale - get it because you love it and will use it!
It's a good deal but if you don't love it and not sure if you'll really use it, then pass and wait for something that you really love. I tried on this tote at the outlet and it's HUGE (even the medium size is a bit too big for me). Personally I wouldn't use it as an everyday bag because it looks ridiculous on me (I'm a shorty...5'1"). If I were to get it, the only time I would use it is when I travel.
I agree with the consensus..if you buy it just cuz it's a good deal, it will likely sit in your closet and collect dust and you have wasted $499 that you could have spent on something more spectacular and/or useful.