My dad bought this setup for me for Christmas.
For what you pay, it's a great way to get started on the basics of fly fishing. It's tuned for the beginner, which means it's pretty easy to get the hang of, but can be a bit frustrating to use if you are doing more technical kinds of fishing. It's also been pretty durable. The only thing on the rod that's broken so far is the little metal hook keeper, which I've stuck back onto the rod with a piece of duct tape.
The reel in this package is very basic, but well suited to the beginner. It's made of sturdy polymer, which keeps it fairly lightweight. However, you do lose some durability with the plastic. Over 10 years I've put a lot of scratches on the reel, none of which affect the function. It should be fine as long as you don't drop it off a cliff or step on it or something. I've never had any jamming or gritty-ness with this reel, despite how often I've dropped it in mud or sand. No problems with the tension control either--overall, it's just a basic reel, but for the price I'd say it's excellent.
The line in this package is just okay. It's nothing special, but it does have a taper on it, which is a plus compared to some other cheap lines. It floats well enough, although sometimes I notice the tip of the line sinking. Mending this line on the water is also kind of tedious. But when the whole package costs less than some high-quality line, it's hard to complain.
This setup will serve you well if you're just getting into the sport. If you're fishing for less discerning trout, this rod will put fish in your net. If you're going after fish that require a little more finesse, you may struggle on this rod. Overall 4/5 as a great rod to get into fly fishing on.