I've won two big satellites that were tougher than that.
I still like it, but keep an eye on the Full Tilt 100 seat guarantee too (same day)... they may have a bigger overlay.
As it stands right now, let's see, $535 entry fee and < 1400 entrants. That's $700k in entries with a $1.2 million prize pool. I don't know if it will overlay or not - probably a lot of last minute direct buy ins.