Mike,
I think it's a good buy and a good start. I got one by the same company, but a little less well stocked, at Home Depot for $27. Here's some of the changes I made:
-- I found the flashlight to be junk; it broke when I was checking it out. Replaced it with a $10 Brinkman 2AA-powered light with a xenon bulb that I've had good results from.
-- Replaced the FAK with one by Advenutre Medical Kits that I had in the apartment and otherwise unassigned.
-- Had an extra one of Doug's PSKs, so I threw it in there. Also put in a Mini Bic and some MicroPur tabs.
-- Added a Leatherman. I'd also been looking for an excuse to order a SOG Field Pup, so I did, and put it in there. Also put in a small sharpening stone.
-- Wasn't impressed with their duct tape. Replaced it with a role of 3M.
-- My kit didn't have gloves, so I added a pair.
-- Threw in some cordage that I picked up at Home Depot. Also some split rings, carabiners, zip ties.
-- Added some single paks of coffee (the tea bag style) and a metal cup. I always need a cup of java.
-- Added a bandanna, Wet Ones wipes and couple rolls of campers toliet paper.
-- Put in one of those little Sharpies and a small notebook.

Mark