I bought :360:BF:BC2 from a GameFly sale last year and it did include the "VIP Code" insert (note that the code is not REQUIRED for online play, it just gives access to specific multiplayer maps - see http://www.battlefieldbadcompany2.com/vip)
The insert specifically says that the code expires...
Thanks! My XBL expires in 2 weeks and I've been holding out for a $40ish deal that doesn't require setting up automatic billing with Microsoft. Picked one up online - no tax and free shipping.