The 50 piece bit set will be an import of generally poor quality. The bits will not last long and will be replaced as you learn. While having a nice assortment of bits seems like a great idea you are better off buying a few higher quality bits in the long run. You will find the most commonly used bits mentioned in a posting on the forums, as well as suggestions on brands that members have had good success with.
BJ owns more routers than any other member and is a good person to ask for comparisons between models. What you did not ask was what router would you suggest to get the maximum versatility for the lowest price. I think BJ will agree that in the US and Canada the best price is the new Craftsman combo kits selling for around $109. They are certainly worth a look before you buy. There is also nothing wrong with purchasing a high quality used router. You will be able to tell by looking if a used router has been taken care of. This is another way to get the most for your money. You may want to look at the Tool Swap & Sell section.
"Living in the D" (this means Detroit!)
"It's fine to disagree with other members as long as you respect their opinions"