I'm in a similar situation but the free bundled games are bioshock, lego batman, halo 3 odst, forza motorsport 3, and pure (5 free games in total).
As I can trade 3 of those games in for a new 360 game I was thinking of just using those games as 'trade bait' to get alan wake. Although, I wouldn't mind having a brief go at odst so that's a plus also.
So as others have suggested...those games are FREE, make use of them by selling them or trading them in.
Only other thing I can think of is getting an arcade which presumably doesn't come with any bundled games and is cheaper but the problem is that the elite + free games offers better value for money versus the arcade.
End of long story: get the elite with bundled games and use the games as trade bait.
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