I'm a newb college student myself and I would say it's a good set (although you'll need a strop). If you're comfortable in paying the money to have it all in one then you could go this route but I know there are a few tricks I've found in getting a "starter kit" for cheaper. I will admit some of the equipment is more no-frills, but this is the setup I might suggest:

- Keep your eyes peeled on the B/S/T forum for a $40 pre-honed razor. Your chances of finding one (assuming you'll have the time) are pretty good.
- Get a wide bowl from a local store. I found a decent sized bowl (probably 32-48oz bowl) at a Big Lots for $1 that satisfies my lather needs.
-Get a beginner strop (the forums have plenty of links and suggestions so you don't end up nicking a great strop).
-Buy a puck of Williams Soap at any grocery or pharmacy store (or spend just a bit more for mama bear or colleens while supporting great entrepreneurs).
-Hunt around for a decent boar brush ($10 at thegentlemensquarter.com).

This will save you at least half of what you'd spend on the bundle. However, it's not always going to be as nice and new and you don't get it all at once.

Anyways, this was sort of my $.02. I hope that answers what you were looking for.