Ok, so I put the stand and bags through a workout today. here's the verdict:
my workout consisted of 4 three minute "rounds" on the speed bag with a 30 second break between rounds and 4 three minute "rounds" with a 30 second break between rounds on the heavy bag.
for the speed bag, i'm new to it and to be honest, i was a little intimidated to do the speed bag at first because it just sits there looking at you. for whatever reason i felt intimidated of it. after i got into a groove, it was easy. not fast, but easy. the joint that it hangs from is made of plastic, and i can tell that eventually it will need to be replaced with a better equipped metal one. other than that it was basically fun, and challenging. you can adjust the height. i had to put it all the way to the top since i'm pretty tall. the locks on it are sturdy and won't come free.
for the heavy bag, well, it's a heavy bag. you punch it a lot.
for the stand moving, you will need to put extra weight on it, or else it will begin a counter clockwise creep on you when you lay into it with the vicious overhand right that i learned from that guy in the other threads. today i punched a watermelon to jupiter.
otherwise, for the money, this is probably the perfect basic outfit and will suit your workout needs.
for new guys, if you don't wrap your hands you can forget about hitting the bag more than a couple times. wrap your hands before you do your jumprope or situps, that way you can take a moment to center your mind.
three minutes doesn't seem like a long time, until you're trying to keep your gloves up and throw punches at the bag. luckily it doesn't hit back.
all in all, this is a fun unit, and i recommend it highly.