Ok. I remember the amount of questions we had with a recent post which was simular to this so ill try and post as much info as possible.
For people who currently have a xbox 360 gold subscription, there is a deal for you to renew your subscription for 24 months with 15% off their normal renewal price and you'll get 1600 free points too.
It is a dashboard only deal which you should be able to see under 'Spotlight' on the dashboard. Below is the information it provides:
Set up your upcoming gold renewal at a lower price now.
24-Month gold for only £67 (15% off) + 1600 free points.
Few points to mention from the small print...
* Offer is not available to users currently on a promotional Gold subscription. So I for example would not be able to use this deal because I recently used the Halo Reach subscription renewal offer.
* The Microsoft points will be deposited into your account 6-8 weeks after the offer end date, and must be used by 30th June 2011.
* Your card will be charged for renewal only at the end of your current subscription term.
Now what most people will ask is if it will automatically renew your subscription after the 2 years are up and the answer is most probably yes. But it doesnt stop you from cancelling before that renewal is due. I've heard a lot of people say how difficult it is to cancel your subscription with Microsoft but i've never tried so I wouldnt know.
This seems a good offer anyway for people who know they will be on Xbox live for the next 2 years, who use the MS points and renew their subscription through the dashboard as they charge £39.99 for a yearly subscription. Obviously its not a good deal for people who pay by the pre-paid cards for around £35 and dont use MS points.