Overall, this packages' most worthwhile component is the Studio 1 program. It includes a mic cable, usb cable, large diaphragm condenser, interface, headphones, power supply and the Studio 1 software.
The Studio 1 program is pretty good, it wouldn't be my personal choice but it can hold it's own comparatively.
The interface does not have really high quality pre-amps in it, yet they aren't the worst. The size of the interface and the somewhat awkward positioning of the controls is a bit bothersome.
The included condenser mic's performance is lackluster, it does sound better than a 58, or any common dynamic mic, in terms of overall clarity and sensitivity but it's still just a really cheap LDC. If you do decide to buy this bundle I certainly hope that this is your first introductory set-up. It is possible to pull some decent recordings out of this mic but it just doesn't compete with even the cheapest LDC's offered by other companies.
The included headphones are uncomfortable and unbalanced. They are good enough as a recording pair of phones but I would never, ever mix with them!
The plus side of this bundle is that it is compatible with quite a few different DAWs, and you get everything you need for the novice engineer to start grinding away and learning the ropes. If you take this bundle, forget about Studio 1, run it with GarageBand, hook up a good midi keyboard you will have an ideal novice set-up. It's not a bad thing overall, comparatively you get all you need to get started. I'd buy it for a young kid, (12-14), who was interested in learning recording. But, I would never even dream of purchasing this for myself or recomending it to anyone. A friend of mine bought this bundle and I set it up for him, needless to say I was unimpressed.
If you really want to be super thrifty and you really don't have much or any experience then this would be a decent value if you had GarageBand already. Studio 1 has a much steeper learning curve and this is totally a novice rig, Studio 1 would be daunting for someone at that level.