Bah, water cooling kits are ridiculous. But that water cooling kit seems to be ultra-ridiculous.
Think of it this way, Dell:Custom build :: WC kit:Custom WC kit
If you're going to go as far as water cooling your computer, you could probably save some bucks by getting those kits, but the quality is right down at the bottom. By getting a custom WC kit, you can take advantage of the better parts that are offered.
The only difference in this case would be pricing. I've never seen a WC kit for so cheap, though the quality probably justifies that. I'm going to be spending around $220 for my WC kit in a few weeks, but I can garauntee that it will kick that kit's butt by a long shot.
So after ranting on, yes, it is a waste of money. Is it good for a newbie? Probably, but it's not like a custom WC kit is too much for a newbie. With the right help and some work, a custom WC kit would not only bring you much better cooling efficiency but also much higher overclocks.
Again to summarize, a water cooling kit is like buying a Dell. They buy the cheapest things possible and make it easier for you to put together.
I strongly hope you change your mind and look into building the WC rig yourself. There are plenty of people here that can help you build it, namely Him, Gaara, and Nubius. I already planned on my rig; it's just a matter of time before I buy it. So I have an idea of some parts you could get for the rig.