well, at least ATI are giving something for free, and a spare CDKey never did anyone any harm.
If you already have an existing retail version of something from Valve, you essentially have everything already if you activate Steam with your existing key. So, in that sense, the key with the bundle is "extra".
But I don't think the new offer is giving a second key. Only allowing you to activate it before HL2's release.
activate their Half-Life 2 Product Key via STEAM before Half-Life 2 is available at retail, Valve and ATI are offering the Valve Premier Pack free
The only addition is that by activating it early, you get the usual free stuff you currently get with any Valve retail product... assuming you're taking the plung to install Steam...
It seems to me ATI should add a cash rebate to their new offer. Rebate only if purchased before HL2's release, that is.
With their troubles with the Catalyst 3.8 drivers, they better be careful here. They will soon regain their former poor reputation with drivers. BTW, I love my ATI card using Catalyst 3.7 drivers.