Honestly you are better off spending a few quid more and buying the full 360 version.
With an HDD you get better performance in many games such as Oblivion because it will cache the data. Without you get alot of annoying pauses and stutters as it reads constantly from the relatively slow DVD drive.
By the time you buy those tiny capacity memory cards to save your game you almost are paying as much as the premium but with WAY less storage for save games. Then when they fill up you have to fuck around with deciding what game saves to delete or buy another card bringing you up to the premium version price after all. The core is a rip-off in the end.
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