Starts midnight today. [lenovo.com] One day deal only as part of 7 days of Win7 deals.

Update: Live now. Coupon USPY450DEAL $150 off
Update2: Coupon Dead now. Really surprising that the one day deal was closed so early. Probably an automatic safety shutoff. They likely did not expect that coupon to get this popular. Hadn't happened for the previous 4 days of the deals.
This coupon will take $70 off but not that slick anymore: USP11MULTI
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I was also able to use CPP to get it down to $507. Taxes extra though.

Go to lenovo.com/ibmcpp [lenovo.com] and enter code familyandfriends.
Then choose laptops--> Ideapads--> Y series --> Y450 -->last one on the right.

I bought 2yr warranty(Accident + Home service) for $95 to make it $602 + $30tax = $632
(Yes you may get a cheaper warranty from Squaretrade, but I didn't want the hassle of third party myself. Who buys a warranty anyway!).

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This SKU seems better than the earlier ones of Y450 in that it includes Bluetooth now.

• Lenovo IdeaPad Y450 Notebook
• Intel® Core™ 2 Duo processor T6600 (2.20GHz 800MHz 2MB)
• 4 GB PC3-8500 DDR3 SDRAM 1066MHz (8GB MAX)
• 320GB HDD, 9.5mm Sata2, 5400rpm
• DVD±RW DL
• 14.0" HD Wide LED 1366x768, 200 nits, 500:1
• Mobile Intel GM45 Express Chipset, ICH9M
• 6-Cell Battery, ~4Hr Real World Life
• 4.63lb
• (WxDxH): 13.4" x 9.1" x 0.8" to 1.4"; 340mm x 232mm x 21mm to 34.8mm
• Windows 7 Home Premium 64
• 65-watt AC adapter

* Free Shipping

Wanted this for dad and been waiting for some time for a good deal.
I basically chose this because it has all the little things I wanted that budget laptops leave out here and there to annoy me:

• 5100 Wifi N
• Bluetooth 2.1
• LED Backlit
• HDMI
• VGA
• Firewire
• E-SATA W00t
• Card Reader
• Gigabit Ethernet (Broadcom® BCM5784)
• Multitouch Touchpad
• 1.3MP Webcam
• GMA 4500MHD
• HD Audio (RealTek® ALC269)
• Full size Keyboard

Topping that PORTfolio will take some effort at this price point and decent brand. Anybody disagree?
Plus has some stuff I don't care about:

• Dolby sound
• Veriface Face Recognition Login
• Fastest CPU in its Series/Class (T6xx)

It is a budget laptop, not a gaming machine, so lets not go there. You can get other regular price models with discrete nvidia graphics if you really need it.

Detailed specs PDF [lenovo.com], but doesn't include this exact model because it seems so new that they haven't updated the document yet.


Now with all the great specs and good reviews on this everywhere, I had to dig deep to find the cons for a balanced picture.
So if you are looking for an excuse to save yourself from that itchy trigger finger, I've got that covered as well:

1. Random Shutdowns [lenovo.com]
2. Complaints of a law student. [lenovo.com]
3. Many reviewers note that heat is an issue with this model. This is actually a dealbreaker for me, but I had to give in for all the other specs, which are simply impossible to collect in one machine, as I have discovered in my research over the past month. (For $500 obviously)
4. Some reports of wifi issues, have to uninstall one tool to fix.
5. Multitouch and TouchKeys don't work that well.
6. Reports of cheap plasticky feel, flimsy keyboard etc. (Not a surprise considering this is a cheap plastic laptop, not a Thinkpad. Which also means no fingerprint reader, no docking stations, and no trackpoint)
7. Longtime Slickdeals contributor cvbn chimes in on the first reply below to warn that the CPU in question is pretty much useless.
   In Passmark [cpubenchmark.net] the top Quad XEON W5590 [newegg.com] has a score of ~8600, which is almost ~6x the score of this measly ~1500 scoring CPU!!1!
   Its almost like..like that Xeon had twice the cores and 5X the cache or something!
   I mean you would have to beBRAINDEAD to buy a laptop with this worthless cpu.
   No srsly.
   He also helpfully links to Intel's cheating in GPU benchmarks [techreport.com] in an appeal to our deep sense of morality and fairness, imploring us to boycott this, and all other Intel products.
8. Another slickdealer mentions that Ideapad driver updates are almost non-existent, citing his U330. (Not an issue for me at least, because I am buying this for Linux. Phew.)
9. Experienced Deal Experts advise (see below) that this price is not ALL THAT amazing, [Insert standard "wait" advice here. Just wait for new quad cpus, wait for Black Friday, wait for Christmas, etc..]
   I happened to need one Right Now, so it worked out well for me.
   If you can wait, you win! Everyone knows waiting = Free$$ in the computer world!! In fact you don't even need slickdeals. To get an awesome deal, pick something you like and buy it 1 year later. Amazing deals done EZ.
   

   Quote from MOkoFOko : After tax, it's only $130 under retail. There are PLENTY of amazing laptop deals out there right now, especially with the new generation of quads coming out. This one isn't even close to hitting FP status. It may be a "good" deal, but it's definitely not great. It will be cheaper than this in the future. In only a month you'll have crazy black friday laptop deals floating around. This is NOT the time to buy a "good" deal.

Plus some other annoyances specific to me:

• Non VT CPU - If you don't know what this means, you don't care. I also wish it was a lower TDP P7450 instead.
• White iGay color scheme :-s

I do think that some of these issues might be for older models (possibly already resolved?). And any device has some issue or the other. I wouldn't worry too much and am buying it. I do wish it was a lower TDP CPU to ease the heat. 35W TDP is a lot these days. I didn't need megagigahertz, a slower 10-25W option would have been nice. Luckily it is not a uFPBGA Cpu, so I can hope to replace it in a few years with a cooler running CPU from ebay.
The battery life from various reviews seems to be about 3-4 hours.

Copy pasted CPU comparative benchmarks (Not sure which particular benchmark it is, must be Passmark)
T6600 [intel.com]– 2.2 GHz ,800 MHz , 2MB L2 Cache, 35w, 45nm, NON VT

Intel Core 2 Duo T5800 – 1099
Intel Core 2 Duo T6400 – 1315
Intel Core 2 Duo T6600 – 1533
Intel Core 2 Duo T9550 – 1857
Intel Core 2 Duo T9600 – 1923


Reviews(Note: Older SKUs):

1. CNET [cnet.com]
   
   The included six-cell battery ran for 3 hours and 9 minutes in our video playback battery drain test, which is better than the Y650, which ran for just 2 hours and 17 minutes. That's just over our suggested minimum of 3 hours from a mainstream laptop. In our comparison charts it led the pack, including against the similar Gateway TC7804u.
2. notebookreview.com [notebookreview.com]
   
   With the screen brightness set to 70%, wireless active, and the Vista power profile set to "Balanced" the Y450 stayed on for 4 hours and 52 minutes. For use in the classroom or on your lap in front of the TV this amount of battery life was fine, but it may be cutting it close for all-day traveling. The 6-cell 5400mAh 56Wh battery seems to do a pretty acceptable job for 14-inch laptop.
   
3. PCMagazine [pcmag.com]
   The Y450's 56-Wh battery is bigger than that of the MacBook 13-inch (45 Wh), the VAIO CS190 (44 Wh), and the TC7804u (49 Wh), thus outlasting them on MobileMark 2007 tests. Its battery rundown score of 3 hours 59 minutes was still less than that of the Acer 3935 (4:50), though, and couldn't beat the Toshiba M305-S4835 (4:57) because of that system's 78-Wh extended battery. Still, nearly 4 hours of battery life is justifiable at this price.
4. laptopmag [laptopmag.com]
   On our LAPTOP Battery test, which involves continuous surfing over Wi-Fi, the Y450 lasted a reasonable 3 hours and 55 minutes, just below the 4:08 average for thin-and-light systems, but well above the 3:13 average for mainstream systems. It’s nearly four hours of endurance simply blew away similarly priced systems, eclipsing the Gateway TC7804u by 30 minutes, and both the Gateway MD2601u and the Toshiba Satellite L305 by an hour and a half.
   
5. Forum user [notebookreview.com]
   After four hours unplugged, the battery had gone down to 20% remaining. The four hours was spent web surfing and instant messaging; no gaming or anything too intense. At four hours I needed to pull myself away from a computer, so I didn't continue the test until the battery was depleted. However, assuming the 20% figure was accurate, the battery would have easily made it to 4.5 hours before automatically going into hibernate mode (which it does when the battery hits 5%). So Lenovo's claim of 4.5 hours is certainly accurate, at least for my machine.
   
   Regarding the heat of the Y450, which has been a much discussed topic: yes, it's warm. No, it's not too hot to use. I was on it for four hours straight, and while the area to the right of the trackpad (where my wrist rests) does get warm, it was never too hot to touch. I didn't even feel as though it was uncomfortable.