The good: The bang for your buck is off the charts, at least for the main game. Everything is well made and looks great. The miniatures and terrain are easily usable with other rules sets,rpgs,etc as well.
The bad: The game itself is pretty simple. It takes a very long time to setup and put away. Storing it takes a lot of space.
The verdict: It's a fun game, that I'd recommend very highly for kids and moderately for adults. The kids growing up with this now will look back on it fondly years down the road, the way 20-30somethings of today look back on crossbows and catapults.
I am jealous of kids that get to grow up when a game like this can be bought at a department store. The Master Set has a FUCK TON of stuff in the box: a zillion guys, cool dice, a big honking scenario/rule book, and mounds of terrain. I'm pretty sure it's mathematically impossible to repack the box, so get one of those Rubbermaid tubs when you buy this thing.
As an actual game, meh. S'ok. As a lifestyle it rocks. Some diehard fans have built amazing things with the terrain, and one can't help but be impressed.