Not a bad deal, but Fry's had a 128MB card for $40 very recently. If that's still going on, for the same price you could have 448MB of storage (although technically that'd be 3.5 128MB cards, which is impossible to buy. But either way, the price/MB would be lower).
Plus, for me, 128MB stores something like 180 images at 1280x1024 res, Fine quality (there's econ, standard, fine, super fine, and RAW). I can only store 20 RAW on this, but I'd never use RAW anyway, so that's not a big deal.