I got myself a similar deal a couple of weeks ago. Usually this isn't the kind of thing I go for, but I've got the following:-
Free Samsung F210 (will sell on ebay, happy with current phone)
600 minutes/unlimited texts each month
Sony PS3 40GB
£25 per month for 24 months.
Total cost of the contract is £600 - the value of the phone is about £80 or so I think, and the PS3 because it's the 40GB version is probably worth about £230 or so. Using those numbers it basically works out that I've got 600 minutes and unlimited texts for about £12 a month, which is something i'm happy with.
I have to send off my first bill to claim my PS3, so I'll let you know how that goes.