I bought this a few months ago and have used it quite a bit.
For the price you get a lot of items. The studio itself is worth the price, and even though the lights and tripod aren't amazing (lights are just torch style with spotlight bulbs and tripod isn't that strong) its worth the price.
Ive given it 4 stars as the lights that I received had American plugs on them with UK adapters, and a bulb blew after about 15mins, but this didn't bother me as the studio works even better with flash guns, and the tripod wasn't quite strong enough to hold my camera and lens, but I shoot hand held anyway.
The studio is very portable... folds really flat and is simple to put up, and it comes with 4 background colours (black, white, red and blue) that velcro into place. The lights and tripod fit inside pockets on the front without problems.
Overall, good product that does its job well, with cheap but useful extras.