need new equipment advice

I've been working out on a Crossbow (similar to a bowflex) and have not been happy with it. I want to get some free weights instead, although I may be waiting till after the holidays.

Anyway, I want to be able to workout at home and be able to do squats, bench press, military presses etc... but I also want to do it safely since I do not have a spotter. I was looking at this

It looks pretty good, inexpensive and safe. I would just need to add a bench and some weights and I'd be set. It can stand up to 700 pounds which should last me for a very very long time. If I ever need more than that I will be happy to purchase something better.

Any thoughts? Ideas? Advice? What does everyone else use for home gym?
 
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