Well, that's just silly.
If I were to compare two jars of peanut butter, one costs $5 and the other costs $8 comes with a free fish that would otherwise cost $4. Knowing that I hate fish and will just throw it out, will that make the second one a better value?
I'd say value is in the eye of the beholder, e.g. the one buying it. If they value that Gold subscription it might be worth it, but if you're not going to use it you're just spending more on something you can get cheaper.
Not to mention this deal is for a 4GB Xbox 360. You don't need a lot of space but 4GB is pushing it in my opinion. And finally it's a cleverly disguised "loan", which you probably shouldn't take for consumer electronics anyway