Same deal I started out with dude. I'm not quite sure how good the price is on it, since it's in dollars and not real money, but it seems like about the same I paid. When I got mine I found the limitations of it pretty quickly, and soon moved onto a better guitar. If you can't afford to do that then you should look at saving up to buy a better guitar (if you are serious about playing). I seriously recommend you go in to the store and ask to play some guitars that are in your price range. Find the one you like best, and pay no attention to the salesman. (I don't know what guitar salesman are like in guitar centres, but the guitar shops here in Aberdeen are full of duffers who try and sell guitars based on 'like, you can totally bend strings really well with this one and it's got these pickup selectors...').
Do you have any friends who play? If you do, try and play on their guitars. Really think about what you want from a guitar - how long do you intend to keep it before upgrading, what equipment do you want on it, what tone do you want to achieve, how good are you etc. Try and be as educated as possible before choosing a guitar.
I hope this helps - it seems pretty rambling, but hey ho