I wouldn't say this is outstanding value. I got my 60GB PS3 with two games, (Heavenly Sword, Motorstorm) and two Blu-ray movies, (Babel, Spiderman 3) for £350. They should have made it £325, or chucked in an extra controller for £350, that would have sold a lot better.
Edit: I think this confirms Uncharted and R&C becoming million sellers, as they are the two games people will most likely choose.