According to the description, it doesn't burn Blu-Ray either.
The description is wrong. I've seen the box and a quick check on other sites show that it does indeed burn Blu-ray media.
I'm more interested in ripping than burning.
299 is a great fucking price!
Also, how cool would it be to watch HD movies in 1080P on your monitor. Sure, you can connect the PS3/360 to your mon also but it's much more of a hassle.