Over the last decade, X-ray observations of Sgr A* have revealed a black hole in a deep sleep, punctuated roughly once per day by brief flares. The extreme X-ray faintness of this supermassive black hole has been a long-standing puzzle in black hole accretion. To study the accretion processes in the Galactic center, Chandra (in concert with numerous ground- and space-based observatories) undertook a 3 Ms campaign on Sgr A* in 2012. With its excellent observing cadence, sensitivity, and spectral resolution, this Chandra X-ray Visionary Project (XVP) provides an unprecedented opportunity to study the behavior of the closest supermassive black hole. We present a progress report from our ongoing study of X-ray flares, including the brightest flare ever seen from Sgr A*. Focusing on the statistics of the flares and the quiescent emission, we discuss the physical implications of X-ray variability in the Galactic center.