The way I read it is that excursions are included but no air or pre cruise hotel.

Frankly, I fail to see any great reductions. If you substract air and hotel credit from website fares (price before the 3 days sale) you get pretty much the same price as the 3 days sale. Plus, some of the shipboard credits already offered for some of those cruises by B&K equal or surpass the shipboard credits in this new offer. Would they be in addition to the B&K shipboard credits?