I just got a similar deal on a Savage 111FXP3 in 30-06. I got it at K-Mart for $380. It's the same as the 10FXP3, but it has a synthetic stock. I was going to get it at Wal-Mart (same price) but they couldn't get one in for 6 weeks. I just got it Sunday, so I haven't had a chance to fire it yet. I did a lot of research on different low priced rifles and I thought that the Savage was the best deal. "Gun Tests" magazine sung it's praises in (I think) their May '99 issue. They said that the Savage shot MOA out of the box and had no problems with any of the ammo they tried. They didn't like the Remington 700 ADL or the low cost Winchester. Those two shot groups about twice as big as the Savage. The only complaints I've ever heard about the Savage is 1. They look ugly, but who cares about that for a hunting rifle. And 2. The trigger is heavy. Once again, who cares. If it bothers you, the cost of a trigger job brings it up to the price of the Remington and the Winchester and you'll have a more accurate rifle.
The scope seems okay, but I may want to upgrade it later. I'm going to use it for a while before I do anything though. I have a .22 without a scope, so if I decide to upgrade the old one will go on my .22, so no real loss there.
-Fuzzy