I recently purchased the White River Fly Shop & Hobbs Creek fly fishing outfit from Bass Pro Shops for $149 and some shipping. I was on the fence about whether to purchase it because of the price point. If you were able to spend $50 more you are typically able to find a high quality fly fishing outfit. However, if you have $50 less, you end up in the price range where you have a higher chance to purchase lower quality gear.
The rod construction actually surprised me. Like I said before, the price point made me think about an average rod and reel, something that would get me through a fishing season or two. The rod arrived with a great epoxy finish, and well wrapped snake guides. The stripping guide is just far enough away from the reel for easy stripping, which made it easy to get a feel for the outfit.
The reel, while built from plastic outer parts, has actually stood up quite well to a few 5+ lb Florida largemouth. The drag holds up, and has a side dial to tune it to the same lb test as your leader.
The line that came with the outfit did require a bit of use before it was completely pliable, but once it had been broken in, it performed incredibly well. The rod construction mated with the included fly line made it cast smooth, providing just enough flex on the rod tip to alert you when you need to continue your cast.