not too sure about the bundles (havent been up to date with them)
if microsoft is already giving the 3 year warranty, why get the comp usa one? i got the xbox 360 first month it came out (november 05 i believe? i forget) and mine has yet to have a problem... i guess i am lucky. however i've heard of the overheating problems, xbox 360s shutting off and stuff, but havent encountered any.
xbox live is a must (IMO). im not sure if they're still doing it but there were xbox live cards for 12 months free.
not sure about the wheel.
you definately need to buy at least project gotham, halo, guitar hero, cod4