Unfortunately, you'll have to live near a Microsoft Store to cash in on this deal; you'll need to bring in the coupon (or have the store associate enter a specific offer code) and sign up for two years of service. Overall, this bundle will cost $458.76 over the course of two years (before taxes), as compared to a $299 bundle bought outright, plus two years at $59.99 per year for Xbox Live Gold, which can often be found at a discount — so while you'll save some money off the bat by signing that contract, you'll actually spend a little more over the course of the two years.
There's a few more details in the fine print: customers who pass the credit check will have 30 days to return their console for a full refund, though the first month's subscription fee is nonrefundable. That pesky early termination fee starts at $250 in months one through three, drops to $240 in month four, and drops by $12 every month following. While it'll be up to the individual to decide if this deal makes sense, Microsoft is likely hoping that the low entrance fee will help the company continue to dominate the living room.