Ok, playing devil's advocate for a moment. A high end knife has a few distinct characteristics that make it expensive and potentially worth buying. It's all in your point of view.
1. The knife steel- High end steel (like the VG-10) will stay sharp for much longer than a cheaper steel. I can't say too much about the forging process, but from personal experience, I've used high end knife sets that haven't needed to be sharpened for about 1 year. And I'm a moderate level home cook (I usually make 3-5 dinners per week that involve some decent knife work) As a Boy Scout, you learn that a sharp blade is a safe blade when properly handled. A dull blade will cause you to use more pressure which can cause the blade to slip and CUT YOU.
2. The BALANCE of the blade- I'm speaking both of the actual weight balance, as well as the balance of components. A good knife will always feel a little heavier, allowing you to truly SLICE rather than hack at something(this goes along with the safety I was talking about). The knife should do most of the work for you, you just need to guide it. Also balancing the handle size to the steel and the shape of the blade are important considerations.
3. Polish and width of the blade- A nice knife will almost always be thinner than a cheap, and as such needs to have higher end steel (see above). Because the blade is thinner, it creates less drag when slicing or chopping, creating more uniform and faster work. Also, nicer blades are polished, also decreasing drag when cutting. As such, these knives should NEVER be put in the dishwasher, it will dull your knife faster than anything else, not to mention the sustained heat can damage the polish.
4. The handle- A high end knife will have a handle designed to handle stress and use (i.e. it won't start wobbling after a few months) making the knife SAFER and easier to use.
Now, for the person who barely cooks from scratch, you will probably never see the need for this. However, if you find yourself in the kitchen often, you will save yourself TIME and energy (as we all know, time is MONEY). Not to mention SAFETY(frankly, I would pay a couple hundred for nice knifes and avoid that hospital visit because of something stupid that I didn't pay attention to). So while you may think a cheap set is just fine, which may be the case, a true knife set is absolutely essential(in my opinion) to someone who does a lot of work with a knife.
ON THE NEGATIVE: These are a serrated blade, meaning their utility will be somewhat diminished, and sending in for sharpening can be somewhat of a hassle. However, the large knife looks to me like a good bread knife, which you probably won't need to sharpen for an incredibly long time(i.e. YEARS). The serrated edge is designed for products with a tough exterior and soft interior, like bread, tomatoes, and other similar food items. NOT ideal for anything that you need clean, quick cuts. If you will make use of these knifes, this is a good deal. If not, pay no attention to this woot and come back tomorrow.
P.S. Once you use good knifes, you'll never want to use anything else. My Wusthof set had to be disposed of (long story) and I'm stuck with using an old Cutco set that hasn't been properly maintained and a single 7" Wusthof Santoku. I almost exclusively use my Wusthof because I can't stand anything else, and I really miss my Chef's and Paring knives...