That's not a bad deal, just be aware that the Home 7 version is a good entry level product, but still far short of say Sonar Producer 8.5. However, it would be a good entry point as it will get you discounted upgrade options to either Sonar 8.5 Producer or Studio.
I started with Home Studio 6, upgraded to Sonar Studio 7, then upgraded to Sonar 8.5 Producer last year.
The XL version they have listed does have some nice additional features over the standard version - it includes Cakewalk's Studio Instruments (drums, bass, strings, and electric piano), Studio Devil VGA+ Guitar Amp Simulator, Boost 11 Peak Limiter, Dimension LE, and Garritan Pocket Orchestra. That might be worth the additional $50 to someone looking for a few additional items.
Once again however - it's a pretty good entry into recording and will provide a great start into the world of Cakewalk - but if I was to do it all over again, I would have just saved my pennies and gone direct to the Producer edition if Sonar is what you are looking into.