[quote name='OmegaTyrant']Is this a better deal than the Gears console bundle with $40 if I don't need the Kinect but want Gears 3?[/QUOTE]
It depends on what you are going to get as well. Assuming that you want to upgrade the 4g HDD that comes with the Kinect Bundle and that you want a second controller, this is how it would pan out when treating the credit as if it were a straight discount.
$250 (300-50) - 4g Kinect Bundle
$40 (60-20) - Gears of War 3
$35 - Black Controller
$100 - 250g HDD (could buy a non-OEM one for $50)
Total: $425 (but you could probably sell the Kinect for $60 after fees and such but it would be hassle although you'd end up paying like $350ish total)
$360 - GoW 3 Bundle
Total: $360 (comes with 320g HDD, second controller, weapon skins, cheap headset, etc)
Honestly I would just go with the GoW3 Bundle. However, if you don't want the larger hard drive and/or don't want a second controller and definitely don't want a Kinect then I'd probably just get a 4g Slim (ideally you'd wait until they came with $50 credit like they often do if you had that patience) and buy GoW3 by itself.
Is the GoW3 bundle a deal? Barely, imo. You save maybe a little bit compared to buying all the pieces separately (360 slim + large hard drive + 2nd controller + GoW3) though if you do care about having badass looking stuff it's hard to a price on style.
On a separate note, comparing the 4g Kinect Bundle at $250 to the regular 4g Slim at $200 when you don't want the Kinect just doesn't seem all that worth it since it is a pretty huge hassle (at least it would be to me) to resell the Kinect to save maybe $20-30 at best and probably less than that.