This kit is very much hated by this bass forum it seems. When I first came I asked what bass to get and everyone this starter kit so I bought it. I have never regretted this and I've had it for over a year. I own the precision version.
The worst bass I ever tried was a Squire Bronco, which had terrible action/sound/everything. It was a used bass in the shop and was just...bad. If you are going to get a squire you should get the kit brand new, because the other squires I have tried haven't been nearly as good as mine. I have tried many very good basses and the squire I own myself really isn't much worse then them. As long as you keep it in good condition and buy it brand new it should be a great buy. It is definitely awesome if you are wanting to try bass out, and aren't sure if you are going to get into it or not. If you know you are going to be quite seruious about the instrument you may want to skip squire and try something like a good Fender or Ibanez. I haven't had any real maintenance problems, and play it non-stop.
Overall the Squire Starter Kit offers a great deal to the aspiring bassist.
Features
-Squire bass (comes in red, blue, and black)
-Softshell Case
-Video teaching the basics of the bass with a transcription booklet inside.
-15watt amp
Cost-500$
For a starter bass I give this a 9/10.
http://www.squierguitars.com/gear/show_product.php?product=0321503&feature_id=1:0