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Xbox Live's director of programming Larry Hryb -- otherwise known as Major Nelson -- tossed up an announcement on his official blog today about an upcoming addition to the Xbox 360 Elite SKU. Called the Game of the Year Bundle, the package will include a standard Xbox 360 Elite console with all the usual accoutrements, as well as both Halo 3 and Fable 2 for no additional cost.
While $399.99 is probably still a bit much for gaming console in this economy, it's hard to argue with the value they've jammed into this thing. You should start seeing the Game of the Year Bundle at retail sometime this May.