This is by far the best value I've found when looking for a 360 bundle for christmas. Forza 3 and the extra wireless pad come to around 70 pounds at most stores, leaving 170 for the console, which is an elite with a huge hard drive. Most street-stores are still selling the arcade model at that price! This is absolutley a bargain no matter how you look at it.
Comes in a nice special edition box with Forza 3 markings on it, the rest is your usual Xbox elite stuff inside though, as expected. I've been putting off getting a next gen console for a while now but I'm definately glad I got this bundle while its availible.
The only minor (and this is nit-picky really) is that theres no was to get this bundle with the Limited Edition of Forza 3, but that mostly comes with added fluff anyway (USB stick, a few bonus cars which are most lilkley just decals anyway and not new models). The stuff in the limited edition will probably be availible as DLC in the future anyway.
All in all, this is definately the bundle to get if you're looking for value for money or hard drive space. Gonna be a good christmas this year :)