Best Mortgage Rate plus $1000?

ING Direct announced that they will give $1000 cash to anyone who moves their home loan to them by the end of November. One of their variable home loans is called the Mortgage Simplifier which has no ongoing fees, allows extra payments, home loan redraws, and a current interest rate of 6.74% (with a 0.06% discount if your loan is more than $300k). I am quite new to this game but that looks very competitive. What do veteran home loan experts think?