Update: Well, folks, Bethesda has confirmed our fears: The Oblivion included is not the Game of the Year edition. It's the original Oblivion release.
Bethesda, proprietor of large, navigable worlds both post-apocalyptic and, uh, pre-apocalyptic, has teamed up with 2K Games to offer a gaming bundle not seen since the days of the original Xbox, when you could get Jet Set Radio and Sega GT together in one convenient package. 2K and Bethesda are bundling Elder Scrolls IV: Oblivion and Bioshock together for Xbox 360 and Windows PC, for $39.99 and $29.99, respectively, starting July 7.
The press release was unclear on which version of Oblivion this is (Game of the Year edition?), so we've sent word for a comment regarding that.