Newegg offers the Microsoft Xbox 360 4GB Console with Peggle 2, bundled with an Xbox Live 12-Month Gold Membership for $149.99 with free shipping. That beats our mention from two days ago (which was the same price, but didn't include the 12-month membership) and is $51 under the lowest total price we could find for these items purchased separately elsewhere.
Don't want the 12-month membership? Microsoft Store offers it, bundled with a $30 Microsoft Store gift card for $149.99 with free shipping. Factoring in the gift card, that's $30 under our mention from two days ago and a current low by $30.
Neither item is guaranteed for delivery by Christmas, although at Newegg, you can spend $6.99 for 3-Day Shipping.