Not really, no. I had to push for the bandwidth prices, but not for the hardware. These are the detailed specs of one of those €448/month servers (Sep'11 prices) :

- DELL PowerEdge R710

- 2 x Six Core Intel Xeon E5645 2.4GHz, 12M cache

- 4 x 300GB SAS 15K RPM Drive (RAID10 controller with 256MB cache)

- 48GB DELL RAM

I would say their reliability is great on the dedicated side (their Cloud reliability is just OK) and their "fanatical" support is really good, as they advertise.

Edit: just to clarify these are Rackspace UK (LON3) prices.