I might pick it up, just as a good starter set. I think I'd even be happy with the legs, at least when not traveling (i.e. vacation.) I would definitely upgrade the head at some point. Weight wouldn't be an issue right now. My heaviest combo would be my Rebel XT (350D), Canon 70-200mm f/2.8, with my 430EX II flash. I believe that's about 5-6 lbs.
On the other hand, I may wait. There was a Benro Travel Angel TRA269 set on Craiglist last night for $125. That had a ball head, folds down into a smaller package, and supports considerably more weight.
"Budget minded" is relative here. I meant more in terms of finding the best deal, not going cheap. FWIW, I have always planned to spend at least $300 on a new "cheap" set, depending on how serious I get about photography. I'm always willing to spend more if it is justifiable, otherwise I wouldn't own the Canon 70-200mm. At this point, I'm considering used because the option presented itself and I've been blowing through money much too fast this year.
That... and I want a photo backpack more than I want a tripod. I think I'll have more trouble choosing one of those.