It's a decent deal but, overall, not the greatest components. If it was me, I'd spend the money to upgrade to a digital ballast and a better hood. Then buy the spare bulb later. Also, speaking from personal experience, I would not call those timers "reliable" - I've seen quite a few of those fail on my friends.
The way I see it, if you're looking for a bare-bones system, that's a decent deal. If, however, you're looking for a good/great system and want to get your foot in the door this way, you'll likely end up spending more in the long run upgrading this inexpensive system than you would buying a better system initially.
