If I saw this in a local store, it would be a tempting pick up. I remember Magic Mart having something similar, although the stuff in it didn't look as good.
It's probably cheap, but everything does look solid. Except for the case. It's got the molded-in hinge which rips apart after little use (I've got a pencil case I use to store small tools that is already doing that) and latches that break off when popped open just a little rough.