This deal appears to be for the HP F4272, but Argos are substituting it with the F2480 (which sells on its own for £59.99 in Argos or £33.73 at Tesco Direct).
This bundle adds (in addition to the cartridges which come with the printer) an HP 300 colour cartridge, an HP 300 black and white cartridge, an HP USB cable and 25 sheets of HP semi-gloss inkjet paper.
The products in the bundle alone would set you back about £25 online, so this is a very good deal.
p.s. Don't forget Quidco