Yes, they are half-canvassed. At $388, you might as well just get one of their full suits and wear the jacket as a blazer as well.
They always do one in post-Thanksgiving (like every other retailer). I remember marking it down somewhere and people being pissed off because they had a 20% off sale, it ended, and they immediatley launched a 30% off sale the next day. I'm waiting to pull the trigger on all those fall items until then.