I'll second that motion! That EF 50mm f/1.8 II lens is fantastic.
If your wondering 'why', especially if your new to SLR / DSLR photography, you might be thinking "But I have an 18-55mm, why is one that doesn't zoom and is stuck at 50mm any good?"
Well, for starters, it's what's called a 'prime' lens. By not having zoom in and out capabilities, it has very precise optics and will have very sharp images.
Also, by being prime, it's easier for it to have a WIDE open aperture, of 1.8 (Smaller the better, for reference, the kit lens is variable 4.5-5.6), meaning it will let in a ton of light, and have AWESOME low light performance, even without flash. It's really the best portrait or macro lens you can buy without spending a ton of money.
Now, you might say "Well what about a zoom lens with an aperture that big?"
Well they tend to get a little pricey
So anyway, just seconding what was said above. If you pull the trigger on this, you've got a great camera. The kit lens is quite capable, but you will find yourself at 50-55mm most of the time anyway, and you may find (like I did) that this 50mm prime lens is the lens you use the most. Remember, it's 18 megapixel, meaning you've got a lot of room to crop while maintaining high quality images, and even being capable of making large prints while cropping a big chunk of the image!
ALSO- I wanna say this to everyone talking about the 'megapixel myth'. It's true if you don't want to crop your pictures, but consider this. I have a 21.1MP Canon and I LOVE to take pictures of wildlife. I don't have alot of lenses, my farthest zoom is a 70-300mm Canon. However, I can take a picture of a bird or an animal quite far away, crop it IMMENSELY, and then still get a fantastic print out of it. In the world of DSLR photography, megapixels definitely do represent a significant advantage. Not necessarily with un-cropped imaged, but definitely so with having alot of freedom with your subjects.
FINALLY, On "Canon lenses being expensive". That's true! However, there are third party lenses that are great for beginners, as well as lots of good ol' used lenses online. You can also get adapters cheap for older lens mounts and buy used lenses from other brands! There are lots of ways to be frugal with a Canon DSLR, and you get much better image quality and more camera body features than a Sony DSLR. (No comment on Nikon, I chose Canon, but I think those two are equal. What one has superior to the other, the other has something superior to something else. Really hard to genuinely debate which is 'better')