For awhile, being a VIB wasn't as awesome as it was made out to be. Only occasionally did you receive a deal that regular Beauty Insiders didn't get but Sephora has redeemed themselves with this one (like they even had to - I very willingly fling my money at them!).
There doesn't seem to be a cut-off date but it's while supplies last which we all know means they will be gone ASAP. Before you order, Sephora is currently on BING 20% which makes the deal even more sweet if you order online!