Except that this setup is only $250 and will get the guy started. The commercial set that Graham proposed (which is the one I want) costs $1950. Big difference.
Not everyone can jump right in at the top end. Training is a journey and its better to start somewhere than not to start at all. Trade it in down the track for $50 and buy a power rack when you reach that level of training maturity.
At least he'll be under the iron.
But if you're already fairly advanced mate, I'd echo the idea of a good power rack, flat bench and olympic bar with weights. These setups can be got for around $1,000 if you shop around but that's still a fair bit of coin.
Oh, and I definately wouldn't be attempting squats on that setup you linked. No way known...
Cheers,
Mike