Tracker variable rate (ECB + 1.68%) worth it?

[Mammyto2]

We are due to come off our two year fixed rate (at just the right time). The options available to us are the above tracker rate or fixed rates of 5.75 or 6.1 depending on the term.

My question is really as above, I hear so much about how good trackers are but is the 1.68% too much to make it worthwhile?
I just got the letter to inform us today but they quote a variable rate of 3.75 so Im assuming the letter was sent prior to the newrate drop (hopefully)

 

[irishlinks]

Grab it while you can. From the end of this month or early Jan - that tracker will be 2.5 + 1.68 = 4.18% - so it beats the fixed rates easily. The 3.75% variable seems too good to be true - I don't know of any lenders offering below 4.5% before this weeks drop. If that is the real rate - it would beat the tracker even if ECB rates fell another 0.4%.