As note, if I heard correctly on a podcast, Oblivion is not the game of the year edition. The GOTY goes for $20 in stores, and bioshock went for $5 last year. I would highly recommend getting oblivion separately for the GOTY content, and bioshock separately for the inevitable sale(It's rather old), but if you don't think you want extra content, then the bundle is fine.
If the bundle does somehow include the GOTY content, then it's a great deal, but it doesn't seem to be noted on the boxart or description.