I think those Greys rods are primarily a UK brand, as they are always advertised in the english fly fishing mags I buy. Don't really know much about them, fly rods are very hard to evaluate without directly handling them - even models from very good brands may be to stiff and fast or soft and noodle-like for your tastes. A lot depends on your casting style. If you were going to pick up something around that range money wise, I could recommend the TFO BVK rod, an awesome rod for the price, although you would still need to pick up a reel. Also, the Ross Esence FC rod is a great one for around 175. add an okuma SLV reel for 75.00 and you'll really be in business, and at the same price as that greys combo. Hope this helps.
I don't know if you live near an Orvis store but they have Clearwater rods on sale for $119.00 and then get a new reel for $49.00. The rod has a 25 year guarantee on it. You can see them on-line at Orvis.com. Just find the sale section. I have several Orvis rods and they do me well in the BWCA and other places.
I would have to agree with Moonman, TFO makes an excellent rod for the price. Their customer service is very good. Nobody will "ooh" and "ahh" at the rod becasue it doesn't have the cache of others but it catches lots of fish and leaves lots of hard earned cash in your pocket!
Take'm to the Wilderness, introduce them to the wonders of God's creation. They will be better for it.