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i can't verify the discount off of MSRP. i can verify the more favorable interest (or money rate if you lease) and the waiving of the security deposit.

my folks are on their 4th LS. they have bought the cars from two different dealers (they moved from s. cal to n. cal) and consequently they gotten 50 - 75 bps off the lexus preferred interest rate and have't had to pay the security deposit either. the catch is that you can't take out or refi. the toyota/lexus note for the first 9 months.

my advice is to take a quick look at rates offered by banks and credit unions. often, their rates are better than the rates offered by in house finance and you can easily refi. the car in 9 months (provided you don't modify the ca ca out of it or have an accident) and you can save yourself some pretty good dough over the life of the car.
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