Ok, I know I'm new to reloading, but I was wondering if I should pick this up before the dale ends. What you folks think?? This is what they include in the kit for $159.99 with free shipping from Amazon.

Includes the new Breech Lock Challenger Press and one Breech Lock quick-change bushing. You get a complete powder handling system, with the most convenient and repeatable Perfect Powder Measure. Plus the Lee Safety Scale, the most sensitive and safest of all powder scales and fill your case with the included Powder Funnel. A $161.46 value.

Case Preparation Tools include a cutter and lock stud to trim your cases. Order the correct case length gauge for the calibers you will be loading, it’s only $5.98 extra. An included chamfer tool chamfers the inside and outside of the case mouth and a tube of premium sizing lube is included. A small and large primer pocket-cleaning tool completes the case preparation package. $22.90 value.

But that’s not all! You get the Large and small Safety Prime. Prime with push button convenience and is safe with all brands of primers. Never touch the primer from box to the case. $30.00 value.

Compare it to others priced at hundreds of dollars more. Reloading saves money and you save right from the start with Lee equipment. Purchased separately, it's a $229.36 value!

I started with the Lee Anniversary Kit like that (it was the older Challenger aluminum O frame press) in 1999 and I got it for $90 from Natchez.  It's not bad to start with. The Lee powder measure is great with extruded (stick) powder but may leak with finer ball powder like 2520. I still use the Lee PPM for stick powders and it throws pretty consistently. If you plan on loading pistol rounds it may take awhile. All you need are calipers, dies, breech lock inserts and the specific caliber cutter if you plan to trim rifle cases.
This new kit with the iron O frame? sounds like a great kit. I have the Lee Classic Cast press which I still use to decap and size. The primers go straight through the ram, through a tube and into a container (if you wish). That was a big reason for going with that press.

I just started too, but I would jump on that. Everywhere is still sold out on everything, from presses to scales, and I paid a lot more for the same stuff plus I had to wait a month. Natchez and midsouth has some stuff in like the breech lock bushings or case length gauges you might want to order now because your going to wait.

If you are wanting to reload rifle cartridges right away then you need this...but you still need more stuff:

Correct dies to match the kind of rifle you own
trimmer gauge part for the cutter in the kit (caliber specific)
loading blocks
bullets, cases, primers and powder... all different from the 45 auto.

this list is in addition to the other list I gave you for the sq deal

Does the price include a set of dies? If so it is a very good deal. If not then compare the price of this set up plus dies to the other kits which may come with dies in their price. If comparable then get the one you want. You did not state whether you were going to reload pistol, rifle or both. This Lee kit is good for beginning pistol shooting but is lacking if you are going to reload rifle. If you are going to reload rifle then you are going to need a couple of other pieces which may be included in the RCBS beginner (Or other) kit. For instance you will need a case trimmer and a case chamfer tool.

Like REN, I have a Lee Classic Cast Press, and it does the job. I just use it to decap and size .223. It's rugged, and dumping the old primers out the bottom is a nice feature. Not sure, but I think the Breech Lock system uses different shell holders.