Yes, it's a great feature - they don't really advertise it and I found it quite by accident. One nice thing about it is that if one month you dip below the $3k mark you don't have to reapply for the better fees - it'll automatically kick in again when you bounce back up.
I did also notice there were even lower fees for the $10k and $100k marks - now imagine pulling in that much via PayPal - that's something to aspire to!