Is that in comparison to the Dell list price, because those machines are crazy-overpriced compared even to what I can build with parts from Newegg! Obviously, Dell servers have some features you won't get from a Supermicro or Tyan server board, but if we're just talking about the cost of the hardware, there are some cushy margins already built into those things.
On the other hand, if you're talking about relative to the "white box" price that it would cost me to order an OCP-spec machine, then a 50% markdown from that is indeed quite impressive!