This is actually a good deal in more ways than one.
If you know the person that raises the cows, you can find out (assuming they are telling the truth) if they are allowed to grow at a natural rate and are not pumped full of steroids and anti-biotics over the course of their life, etc. You can find out if they are strictly grain-fed and so on.
Plus, it is a lot cheaper to buy in bulk, but the actually price varies.
If you got the freezer room, it is a great way to get affordable beef.
The way I usually see it done, it ends up being a lot of tenderized steak (many people call it cube steak or minute steak), lots of ground beef, several roasts and quite a few choice-cut steaks like rib-eye, t-bone, sirloin, and whatnot.
Supermarket beef is high these days, so grab any deal ya can get!