A good deal, but mostly because of the massive amount of RAM that would normally run you almost $400 by itself. The P4 2.8B is becoming a little outdated, as even the 2.6C can normally outperform it, not to mention the 533FSB processors lack HyperThreading. On that note, the PC2700 RAM will work fine in sync with that CPU, but if you want to upgrade to an 800FSB (be it P4 Rev C or Prescott) in the future, you'll have to ditch that entire 2GB of RAM! A tough decision.
All in all I'd say you're saving upwards of $100 when compared to buying those components individually, definitely a tempting deal. The motherboard is very nice and supports Prescott (according to ASUS website), which is a big plus. Just make sure you aren't planning on upgrading again anytime soon so you'll have plenty of time to take advantage of your 2GB of RAM before it becomes obsolete!