Joining in this thread a little late (too late for the deal, unfortunately!). This sounds somewhat similar to a ticket that I booked to the UK a couple of years back on Expedia.
The Air Canada fare was well over $1200 at the time, and one day a flight from BMI (British Midland - a Star Alliance partner) showed up for about $300 including taxes, completely out of nowhere. It was obviously a code shared flight with Air Canada.
Needless to say I spread the word to family and friends and we booked a bunch of tickets. Most of us were going anyway for a family reunion, so it was a nice treat. We literally saved thousands.
I kept expecting the tickets to be cancelled because the actual cost was less than the taxes alone should have been. It was obviously an error, we jumped on it, and it was corrected within hours.
Right up until I boarded the plane I was expecting something to fall through, but alas, we got there and back and didn't run into any problems whatsoever.
So take that for what it's worth - just one person's experience with a similar situation, but I think that the airline will end up eating it at this point.
Good luck everyone!
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