The deal has similar value to the $199 offer.
The Silhouette Designer software is included with this offer, and it was a $35 addon for the previous buy. Free shipping is included, versus $12 extra. The $25 gift card is also added to this bundle. Those three things alone bring the other deal from $199 up to $272.
The other stuff is roughly equal. If you don't want to take my word for it: See Hellion'z May 15th comment:
"Wow this a better deal than the first one shoots! Oh well I'm happy with the bundle I got. Although the addition of software and extra credit sweeten this deal to me."