While it will generate a fair bit of heat, it's made to hang over an open tank, in place of a canopy. You can see in the picture where the hanging wires attach.
If it were somwhow installed in an enclosed canopy, heat would be an issue, but if used as designed - not so much.
And yes, it appears to be a very good deal. It is considered a "high-end" metal halide fixture that uses a double-ended (DE) bulb. While the wattage might not be the best for a tank as deep as a 60 hex, it would still look very nice...
