The bass looks horrible, but you never know how it will play. Not a bad price, but I've never been keen on five strings anyway - four or six for me.
EDIT: As Steve pointed out, they make a big deal of the action and pick-ups. The action can be adjusted and you can replace the pick-ups, but you're probably better off with a better quality bass in the first place.
If it's at all possible, I'd always recommend buying from somewhere that you can actually pick it up, feel it, judge the weight, condition, playability, etc. Or buy from an online store with a good returns policy if you're not happy.
The amp should be fine for practicing, but I'm sure you could get a serviceable, higher spec. similar product for the same price or cheaper in a second hand shop - afterall, when you add the postage costs, it comes to £55 or so.
EDIT: All practice amps sound horrible, but if you want to play along with CDs or whatever to practice, I'd disagree with headphones, pc as pre-amp, etc. but that's just preference. Do it the old fashioned way and make a noise. You learn alot more. Yes, the sound is shit, but how many bands like JD, The Stranglers, The Jam, Police, etc. put anything through a pc when they learned to play? You learn when you can hear fret buzz, smacking the pick-ups by mistake, etc.
Maybe 'Hooky's Six String Bass' or Doctor? would like to make a comment. Maybe Jack would like to add his thoughts?
When I bought my first bass 26 years ago, I simply went for what I could afford, saving up from working a crap Saturday job. I trudged 6 miles through the snow carrying the amp home - I couldn't feel my arms at the end of the journey.
Are we now getting a resurgence of new bass players on the site inspired by the idea of Freebass?
:)