On the My Account page there are two Cancel links. One is located in the top box next to "Membership Level", and the second at the bottom under "Subscriptions".
What is the difference between those two links and what effects does this have on the member lifecycle?
The top cancel link is for membership level. So when you cancel the subscription for membership level under the "Subscriptions" section, it also acts as the top link would meaning that both cancel links will have the same effect: canceling the payment and access associated for that membership level (the account will go into "pending cancellation" status).
The Bundle however, will remain active until it is canceled in the "Subscriptions" section on the my account page, or until an admin cancels it in the backend in the the "Subscriptions" tab.
You may want to let your customers know to cancel their bundles before the end of their access if they are in "pending cancelation" status.