What I'd do (indeed what I'm gonna do when my current subscription expires in April) is buy the Xbox Live Vision & 12 months Xbox Live Subscription Pack.
For £49.99 you get 12 months Live subscription, Official Xbox Live Vision Camera, Official Xbox 360 Headset, 3 Arcade games (UNO, Robotron and Totemball) and 200 Microsoft Points.
If you chose to sell the camera and headset you could end up with 12 months subscription, 3 games and 200 MS points for around £30 - £35.
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