The gift card is a nice addition, but this really isn't much of a deal.
The Elite system is just $100 more, which is what you will spend to buy a hard drive if you go with this deal. They've been bundling games with either package for awhile now (I got Forza Motorsport 2 and Marvel: Ultimate Alliance with mine in 2008).
I haven't heard anything bad about those games though (Viva Pinata is popular with the wives of some of my friends) so you've got that going for ya!