I am always looking at bundles for the Xbox 360, even know I already have one. Out of all the bundles I have seen before, this has to be the best I've seen. The console comes with 3 of the best Xbox 360 games in my opion and I have spent many hours on each.
If you were to buy this for kids then I would highly recommend it. It comes with two controllers and all three games have a multiplayer on a single console. The only problem is that Halo 3 is a 15 so if you do get it for your kids you might want to watch them while they play, unless they are 15.
This console is also HD out of the box. It comes with a component HD AV cable, which is accepted by nearly all HD tv's.
If you are a Movie fan, there is a feature that Microsft is curently offering which allows you to go onto the Xbox Live Marketplace and download HD movies straight to the console. This feature does cost you money as your renting movies but I have found that it can be cheaper then renting a standard defenision movie from rental shops.
The Xbox 360 is a family friendly console, with the dashboard update* that came out 4th December 2007 there is an advanced and easy to use family console settings. This is where you can set age ratings that your children can play. But don't let this scare you if you want to play an 18 year old rated game as there is a feature that allows you to have multiple acounts on the system.
* You may have to connect to Xbox Live to get the update. You don't need to pay anything for the dashboard update. If you are not part of Xbox Live then you need to make a Silver (Free) Xbox Live Account.