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I don't need this, but I WANT IT.
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That is very tempting. There are some cheaper saws out there (by $15 or so), but SKIL is certainly a better (and name) brand.
I just finished a kitched backsplash a few months back, and this would had come in handy. I have nearly every other tool out there, but not a wet saw.........yet.....deciding. : )
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The deal must be sold out because the link now takes you to the one sold by CPO (still through amazon's page) with a price of $89 + shipping - this is the same price as lowes in-store.
If you can find it (and if you can , let me know), I think the Skil 3550-01 (price should be around $120, but seems to currently be out-of-stock everywhere) might be a better saw. The motor is slightly more powerful - 5 amps vs. the 4.2 of the 3540-01. It has a modified shield to keep you from getting soaked when you use it. Another really nice feature is a tilting bed so that you cut 45° and 22.5° bevelled edges.
Regardless of which you choose, if you're going to be cutting porcelain tiles you need to get a separate blade for that (the one included isn't rated for porcelain). The local DIY stores carry a dewalt continuous diamond blade for around $15 that is rated for porcelain.
Good luck with your project!