Good points, and apparently it isn't clear enough, but there is a big slot in the middle of the page when the Gamespot show is going on detailing the fact that the sale is only good for 2 hours. Unfortunately, that's really the only slot to communicate this info...and it is above the fold.
I think the issue is with that 2 hour window and in general with flash sales. A while back you had indicated that you were against these types of sales because they ended up annoying some of your customers. I'm wondering if this is a test or a sign of things to come.
I realize these sales are popular with some but personally I don't care for them as they generally result in a bunch of 'haha I got the great deal' type of posts and that can turn some off staring at a higher price right after the flash sale; granted the 'higher price' can still be amazing, still it can FEEL like you're not getting a good deal.
on another note, got the sun screen all ready and handy for the 'face melting' sale...