Looks like that red Resident Evil 5 Xbox 360 bundle wasn't just some tripped out figment of your imagination. Just moments ago, the package popped up for Xbox Live subscribers, detailing a handsome red Xbox 360 Elite with a 120GB hard drive, Resident Evil 5, Super Street Fighter II Turbo HD Remix, and a few other odds and ends (like a handful of cables). There's an indication that you can pre-order the kit, but at this point, we're not aware of any place to follow through. We'll keep our eyes peeled, of course.
Update: According to the German press release we just received, the limited edition bundle will hit Europe on March 13th for €299 -- likely $399 Stateside. Gallery updated with official press pictures.
Update 2: Boom! Pre-order at Best Buy for $399. [Thanks, Ivan]