That's not a bad deal. It depends on how much you've worked on bikes in the past. If this is your first time setting one up, I might recommend sticking with your LBS. I think you will have to cut the stem, install the star nut in the fork tube, mount the fork properly, setup the brakes (including toe-in on these cantilever brakes), and maybe adjust your derailleurs. Make sure you're sure you can do all this properly. Oh, and grease in all the right places as you tighten things down so they don't bind up on you sometime down the road. Lots of stuff you need to do correctly.

I bought my first bike at a shop, my first frame online, my next bike online, and my last one (Surly LHT) from my favorite LBS. The advantages I got from the shop are 1) they cut the stem and did all the assembly, 2) they mounted other stuff I bought from them like fenders and aerobars at no additional cost above purchase price, 3) they swapped out tire and put the Schwalbe Marathons that I wanted, 4) they swapped out brake pads and put salmon KoolStop pads on, and 5) they added a PlanetBike SuperFlash rear blinkie. Cost as list price plus the cost of the aerobars and fenders. List price included the blinkie, Marathons, Koolstops, and assembly. I was very pleased with this level of service.

Also, I spent a good bit of time discussing sizing and geometry with the shop owner. I was riding a 55cm road bike, and was torn between 54cm LHT with 26" wheels, and 56cm LHT with 700c wheels. He convinced me, based on measurements off my road bike, to go with the 54cm. I could not have made a better choice.

Good luck with whichever path you choose.