The bundle features two best-selling and critically acclaimed games: "Halo 4", which comes in disc format; and "Tomb Raider", which comes in the form of a download code and instructions to redeem on Xbox Live. The unit also includes the trial versions of 6 games already downloaded - my favorite is an arcade game called "Peggle", which was so much fun I spent the $9.99 and bought the full version.
For those wondering if original XBOX games will work on the 360, the answer is primarily yes - this console will play most (not all) prior generation XBOX games. For what it's worth, I have tested several of the best-selling XBOX games, and they've all worked on the 360 unit. [Amazon user "Power House" very kindly posted a link to a full game compatibility list in the comments section]. Even those old games that do work on the 360, keep in mind that since they are not HD they don't look/sound as good as the newer games.
Two accessories are included in the bundle: a Wireless Remote (which can apparently reach up to 20-30 ft. away from the console) and a Headset (very cheaply made). The bundle also includes all required cables to get the unit working right out of the box - this includes a power cord and composite A/V cables. Unfortunately, an HDMI cable is NOT included, so you'll want to buy one if you wish to play/watch content in HD.
Xbox Kinect is a motion-based feature that allows you to play controller-free. This console is Kinect compatible, although it does not include the required sensor bar (so you won't be able to play Kinect games until you purchase it). If you are interested in the Kinect, then this bundle might be better for you: Xbox 360 E 250GB Kinect Holiday Value Bundle .
As a bonus, buyers get one month free of Xbox Live Gold membership. The Gold membership allows you to do online multiplayer and connect with your friends. You can also access video streaming services directly on the console - examples include Netflix and Hulu (in fact, you get a one month trial subscription to Hulu when you purchase this bundle). I should note that after your free trial ends, a 12-month membership (optional) to Xbox Live Gold is going to cost you approximately $60, depending on what type of deal you can get.