I more or less have the same question as the OP, but from a different situation. I don't own Arma II but that Steam deal has me looking into it (I've thought about it for the past few months really). I suppose my question is, is there any reason to buy both Arma II and OA (the Combined Operations bundle)?
The CO bundle is $10 more on Steam (compared to just OA) but I don't know if there's a reason I'd ever end up playing Arma II over OA.