For what it's worth, that's unsubsidized pricing. In the UK, O2 will be handing the Streak 5 out free of charge when folks sign up for a data plan. It seems plausible to expect a similarly discounted offering in the US, but there aren't any official details on that just yet.
Five Franklins gets you an oversized smartphone – or undersized tablet – that packs a 1GHz Snapdragon processor, Wi-Fi, 3G and Bluetooth connectivity, 2GB of internal storage that's expandable to 32GB via Micro SD, both front and back-mounted cameras, and a removable battery.
At launch, the Streak will be running Android 1.6 (Donut), but will be updated to Android 2.2 (Froyo) later this year. Other features include Google Maps with turn-by-turn navigation, and numerous bundled social apps for services including Twitter, Facebook, and YouTube.