To get this started I must say I'm a begginer. I bought this set in order to record some ideas, and maybe eventually some full songs, through my M-Audio Black Box. And while I can't speak for more advanced users (who might want a more feature-full mic, better quality cables and a tougher stand), I believe this combination will hold strong for most begginers and intermediate users.
The mic quality is excellent. There's a reason the SM58 is an industry standard, specially when it comes to record voice. Everyone seems to use it, from small clubs and home users to stadio-filling legends. There are sure more expensive mics with more features, but for many of us its quality is more than enough, providing clean and clear sound.
Then there's the accessories. The stand and cable in this pack are great complements to the SM58, and of great use for most. Although I won't say it'll fill the needs of more advanced users, who might want a sturdier stand or a high-fi-quality cable (both of which come at quite higher prices), the average user (including those with some road time ahead of them) has great value in this pack. The stand is sturdy and easy to mount (I had some experience with this though), and the cable does not muffle the sound in any way (despite its length).
So yeah, you got a recommendation for me (for what good that might do).