Just called CS and got in on the deal. I'm an existing customer but was able to get the offer. 12 month contract at preferred level or above. Great deal if you can get it! Better than the usual 25% discount for 6 months offer since PS3 is worth $300.
What level were you at before? I called in and they said that you have to be below preferred (1.5) to get in on the deal. If you're already preferred or above (Premier/Premier Plus/Ultimate) you can't qualify.