The bits are usually not that bad. They're not for really heavy duty, but they'll hold up for household chores. The driver is a train wreck though. You'll find the ratcheting feature will probably break soon. And you'll quickly notice that it's too short and fat to get into any places that are remotely tight.
Look around at some discount places. There's some companies that make these super cheap intechangable bit drivers that have a built in extendable magnetic pick up. Understanding it's not a tough tool, but I'm here to tell you that's one seriously handy screwdriver for light duty.
Like this one:
http://www.amazon.com/dp/B004FEPDL8/?tag=atomicindus08-20
When I find them, I pick up 2 or three and put them in various places, and keep a couple on hand to give to friends when they see what a handy screwdriver it is.
Again, you're not going to use it to pry on anything, nor is it something I recommend for any ******** job. But for general use around the house or under the hood, it's just damn handy. Because when you drop the screw you just removed, you have your magnetic pickup in hand...just too damn cool.