The "freebies" that you are referring to are actually an 8.5 x 11" envelope attached inside the back cover of the book (yes, it still comes with the book - yes, it's really part of the book). The CD is in there along with ~25 pages of campaign handouts and reference materials, such as: 1) a full-color poster sized map of the city (one side) and the highest-level dungeon maps (back), 2) 6 pages of random encounter tables (~350 separate events), 3) full color handout map for the players, with a notes page on the reverse, 4) Ptolus-specific reference tables to be clipped to the inside of a DM-screen, 5) A description of Ptolus-specific "events" (read: adventure hooks) that a DM can throw any time or place, 6) ready-made color props such as "adventurers wanted" posters that a party might see posted in the city, menus, wine label, tavern rules, calling cards, etc. that a party is likely to encounter during the campaign, 7) blown-up artwork and description detail for the Delver's Square where adventurers are most likely to hang out, and lots more that I can't even recall right now. Basically, it's all stuff that should be found in any typical campaign setting, but that would be bound into the book (ie, pagecount) in a format that's of little use to a DM without a scanner. The CD itself actually includes electronic copies of most of that stuff for easy editing/printing by the DM, along with complete, searchable, electronic versions of the book's index and table of contents for quick reference by laptop using DMs (for convenience, as well as to limit "fluff" in the actual pagecount -- the expanded TOC alone is 13 pages of pdf). Basically, it's a bunch of stuff intended to add immersion to the game without creating an additional load on the DM. I wish there was a good way to communicate how many other facets of the book are designed along those same lines, but pagecount certainly ain't it.
Instead of characterizing the bonus materials as fluff that no one would want, how about just telling people what's in there so they can make up their own minds about whether it has value of not? Monte's listed an overview of the Book/CD contents here:
http://www.montecook.com/cgi-bin/page.cgi?mpress_Ptolus_TOC
The book covers are embossed, front and back, and include 3 ribbon bookmarks sewn into the bindings for marking places. Each separate section of the book has color-coded tabs visible on the page ends for quick reference. 4 cardstock bookmarks are included as well. Monte's built this book with a DM in mind. I don't know why you'd even compare it, physically, to a typical gaming book like the core books.