If it's one of the newer elite bundles (which judging by the included games, it is), then no, it comes with a 'nerfed' cable that has only standard composite video. You can however take an HDMI-DVI converter to plug it into a non-HDMI monitor if need be; could even take an HDMI->DVI->VGA converter string, but by the time you do that you lose audio unless you can get the 'normal' cable plugged in together with whatever HDMI cable you use.
If you can get someone to donate an HD cable to you, you can take the cable that comes in your box and convert it to a VGA cable with the optical and stereo RCA jacks on it.
This article has the pinouts you'd need to work with. If you're in the Cape Town area I could do this for you (though I haven't done it before) if you can provide me with the VGA cable to splice onto it, but that'll depend on whether my neighbour has a multimeter for me to borrow, as I no longer have one of my own.
*edit* As for why the console comes with the trials, I assume the justification is that since the console is designed with up to four players in mind, it's for online games that don't allow 'guest signins' when playing online, so that they can play split-screen online with you while trialing Live Gold.
Live Silver you can get for free, and there are occasionally free to play weekends, as there was April 1st to 5th. The problem comes in when you sign up for Live Silver on your console, it's going to say "you're eligible for a live gold trial!", with the only options being to cancel or continue; continue forces you to use that live trial then and there, while canceling will stop it from the Live Silver signup.
I think you might be able to sign up for live silver on the xbox.com site and then log onto that without it applying gold on your console, but I haven't done this in years so I'm not sure...
*edit2* And now I'm beginning to get jealous as I once again saw what's in this bundle

My 360's broken so I can't play my Fable2 and I love Forza2, so I'd have loved to have an opportunity to play 3.