I saw it today. I was at Metrotown and went by Future Shop to check out the line (word of advice, don't bother trying for a PS3 there) and to see if I could get an SD Memory Card. Anyway, the ad is up in front of the line.
This topic is wrong. Don't panic, the deal is even BETTER!
$449.99 + tax for Holiday Bundle + Gears of War + Ridge Racer
$10 less than you heard and extra game =)
Also, after Friday, you can still get the same bundle (including GoW and RR) but for $499.99