I have that set. You'll be fine with it. I wouldn't use it for work, but as was said, for what you're going to use it for around the house, it'll be fine.
For work, Porter Cable is the way to go, but you're not doing anywhere CLOSE to multiple-piece production runs.
That thing has both collets, depth on the plunge base isn't as nice as I'd like it to be, but the other 2 bases won't cause you any problems. You'll find the D-handle REALLY nice once you get used to it, and you'll probably end up using it more than the standard base.
Build yourself a nice cheap router table (there's plans somewhere around here, I think I posted 'em anyway) and take the standard base and fasten it in there and leave it be. You'll be good for any routing situation you can think of around your house.
The carrying bag sucks ass. If that's something important to you, keep it in mind, otherwise, it's a VERY good deal. I picked it up simply because it was on sale....can't remember specifically, but $129 keeps ringing in my head. Don't know what your funny money equates to, but there you go.
Don't piss your money away on any of the quarter-inch shanked bits if you can possibly avoid it. That thing'll hog out more than you should attempt, so run the larger-shanked bits for better (and easier) cuts.
And here - check this thread out. Please.
http://forum.arcadecontrols.com/index.php/topic,36441.0.html