I thought they'd go the dividend route, this buyback catches me by surprise. I like it. The amount, etc is irrelevant! As noted above, this is a huge signal to the market that the business has turnaround and confidence is WAY up.
Although I am fine with this buyback, I have to admit that I'd rather have seen them take another wack at the debt instead. This move tells me that debt level is where they want it... that part I am not happy with.