If you cancel a flight with a bundle you get a travel credit, not a refund. So my main concern would be the terms of the travel credit. It will definitely be non-transferable. Questions I would have are how long until the flight credit expires, and can it be used over multiple reservations?
This line in the cancellation terms is also suspect:
If you cancel your itinerary, you will retain the value of your itinerary less the applicable cancel fee and certain carrier charges as a travel credit.
Not sure what carrier charges they can withhold, if any.