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As the old saying goes, if it sounds too good to be true, it is. I would be extremely skeptical as there are many ways a low-ball come-on like this can turn into a sucker punch. Buyer beware!
The first thing you want to think about is the vendor's feedback score. A big fat zero. This is a scam and the auction will likely be suspended by Ebay before too long.
I found the following at the bottom of the auction description interesting...
Item location: China
The item sends out from China.
Use UPS DHL EMS to deliver item, the 7/8 days arrives your address."
Why is that interesting?
You don't find a French seller with other XL H1 auctions at "regular" prices, posting an auction for the same Camera for only 400 Euros from a shipping location in China, interesting?
You asked what the catch is. I'll bet shipping out of China has something to do with it.