I've been a home brewer for a long time and so I thought I'd chime in on this debate.
This is a basic, run of the mill, beer making kit. You aren't going to be making any masterpieces with this kit, but you do have everything you need to make decent to good beer. If you're into stuff that's a little bit more interesting than your big-3 light beers, but aren't planning on doing too much more, or don't know how committed to the hobby you are, this will work for you.
When I got into I spend about 250 bucks on four glass carboys, an auto-siphon, a giant stockpot, a wine thief, a hygromenter (no, i spelled that wrong, hydrometer), a wort chiller, a bottling machine, and so on and so forth. The first few times i did it I came out with beer that could have easily been made in this single stage fermentation set-up.
I will say that this kit is not worth what it cost retail, but that the 20 bones + 5 shipping is a killer price for a beginner beer kit/science project. I'd definitely recommend it for any budding beer enthusiasts.
Now if you DO get this, I recommend buying a fairly large stockpot, a bottle of star san (look it up) and a soft, spongy bottle cleaning apparatus for the big plastic bottle. DONT get anything too scratchy because the plastic scratches easily and scratches harbor all manner of microbes that will haunt your mister beer kit for the rest of its life and ruin all beer made in it ever again. Most people don't even recommend scrubbing the plastic bottles at all because of this. No matter what your home-brew supplier tells you, absolutely NO BOTTLE BRUSHES. Also, go find, and make friends with, your closest home brew supply retailer. They'll not only have the hops and malt you need, but also give you some cool recipes.