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I have a setup like this on my wife's commuter. Lights aren't the same but same price point. LEDs etc...
They're surprisingly good considering. Much better than any of the battery lights she was using. Plus no dying batteries. Both lights have stand-light function.
Wheel is good too considering cheapest dyno hub. Not much actual resistance when riding. Plus its just like an extra workout or some shiz.
For the money its ace. Fine for a pub bike.
Edit: Although that rear hub looks shocking. We got the front wheel only option: This is actually exactly what we got. Postage is a bit steep mind.
Nice - how are the lights - worth using?