Most new consoles now come with the same headset as the one included in this starter pack. The chatpad pints and gold membership alone cost about the same as for sale at amazon. So if you don't have a headset it makes sence to buy this. I just bought mine at buy.com for fifteen dollars cheaper than here on amazon (also free shipping).
I don't think I'd ever had paid full price for this, but I scored it for $55, which actually turned out to be a pretty great deal. The chat pad is great to communicate with when I don't feel like strapping on the headset and feels like a natural piece of my controller (it doesn't add on a lot of weight). Since I text about 30 words per minute on average it's become my goto chat function with my friends who are playing something I'm not at the moment. People who are simply auto-renewing the annual fee are being ripped off IMHO.