It's for existing Verizon members only, and targeting the US market. You need promo codes in order to take advantage of it.
Personal opinion: Anyone know how Microsoft are able to afford subsidizing Series S systems by amounts this large? Or is this a case of Verizon taking a hit on the price so they can get more people into their program? Microsoft take payment upfront from retailers for console units and, if it's been mentioned correctly, don't buy back unsold stock.
So I'm led to believe this is Verizon taking a hit so they can get more customers long-term for their program. Still though, considering how the Series S has been selling the past 6+ months (not necessarily great), even in Xbox's traditionally strongest markets (US & UK)...this isn't necessarily helping the macro optics of brand health to those watching things transpire. If we start seeing more of this with other retailers (carriers or not) over the next few weeks, we'll know just how widespread the issue of Series S demand in the US market actually is (compounding on the earlier issues relative demand already seen in the last months of 2022).
Anyway...anyone here considering jumping in?