Salaries for web programmers in the US usually cap out around $100k for the most senior guys, +-20k, depending on the region (the Bay Area being the exception, where senior-level guys will get closer to 200). Programmers who do lower level stuff (OSes, etc.) can usually expect to cap out at something like 140, +-20k. In most cases, you're not going to get more than that unless you either a) become a manager or b) have unusual circumstances around your employment (like name recognition).
Over $100k for entry-level around Seattle seems too much unless that company is printing good money every milliseconds.
It is a great teaser and certainly is the most initially intriguing thing about this program, so from a marketing perspective it is brilliant!
[1] http://www.simplyhired.com/a/salary/search/q-ruby+on+rails/l...