I bought one this year but have not had a chance to fly it yet. I have played with it on the ground and like the GPS. I had my neighbor take it for a ride on his quad (I had it mounted in a nose cone) and he went a little over a 1/2 mile and I never lost signal. I am hoping to give mine a flight in Oct/Nov.
Unless there's something specific about that setup that you're in love with, you might consider a BeeLine GPS and a Yaesu VX-8r radio. Yeah, it requires a ham license ($14 to take the test), but it'll cost you a similar amount and provide you with a lot more flexibility in the long run.
A ham radio license has more use than just tracking rockets -- at a launch site, it beats the pants off of FRS or any other non-licensed radio, for field communications. Once you have the radio and yagi, you can also use it with conventional trackers when you're not flying with an altimeter.
On the other hand, the telemetry setup is usable for one thing, and one thing only -- telemetry from that unit.