Shoot to kill with the Canon Digital Rebel XT digital SLR, $382
It's the body only, but $382 is still an incredible deal for this top-rated dSLR camera. Just be prepared to wait: shipping time is 3-5 weeks.
Been waiting to pull the trigger on a digital-SLR camera? Wait no more: Dell has the Canon EOS Digital Rebel XT--by all accounts a fantastic model--for $382. Considering that this baby sold for upwards of $900 when it debuted a couple years ago, it's pretty much a steal at that price.
Specs include an 8-megapixel sensor, 7-point auto-focus, and loads of fancy photographic features that, quite frankly, I don't pretend to understand. I can tell you that I bought an original Digital Rebel several years back, and I absolutely lurve it. (I won't, however, tell you what I paid for it, because it would kill my cheapskate cred. Sometimes, you just gotta splurge.)
Before you get too crazy with excitement, note the two catches: This deal is for the camera body only, so you'll have to buy a Canon-compatible lens if you want to, you know, take pictures. Second, the product page says the Rebel XT usually ships in 3-5 weeks, so it might be tricky to get this in time for under-the-tree duty.
Update: The product page now says 1-2 weeks, so it might just make it into Santa's bag after all.
Update #2: My mistake. The ship time is indeed 3-5 weeks. The links got messed up; they've been corrected. Apologies!