Agreed. I actually have it, but ONLY because of the 50% off Amazon coupon. It's a nice set, but to be perfectly honest, as cool as the bass is, its boxy shape makes it not quite as comfortable as my regular old Rock Band 1 wired guitar, so I find myself going back to that for any actual guitar tracks.
I like the length of the neck and everything, but it's so thick that it can become a bit uncomfortable to rest your wrist on the body.
Drums are very nice, though (although virtually identical to RB2 sets). And then there's the Mic Stand...which I've yet to use. But it looks cool all set up.