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Is this a steal?

Good call. A quick Google showed the 3970x is on average 6% faster and has 40 lanes vs 16.

So good for us kids on x79 and not wanted to spend on new board and ram
 
Not a bad price if your on a quad core CPU with X79 or have a spare board going. Would not recommend investing in a 'new' X79 setup now (assuming you can find a new motherboard) over an X99/5820k setup - the newer motherboard features alone make it worth a bit extra
 
You should be able to get a 4930k or 4960x maybe for that. Then you'd have a bit better IPC and a better memory controller to run 2400+ ram in quad channel.

I would upgrade the cpu rather than replace the board and ram as well to go to X99.
 
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