The body of that bass is made of "luthite", which is a synthetic material.
They don't totally suck. The necks feel good(typical skinny Ibanez), but the ones I played were pretty dead-sounding and they smelled funny. They didn't seem to resonate like a wood-bodied bass does. They also have very low resale value. If I were you I'd pass, even for that price. The wood-bodied Ergodyne's are nice, though. Ibanez discontinued the whole line and I've seen some deals on these lately. I have a maple-body EDB700 and it's a great bass.
Just my 2 cents.