I've got that ukulele and it is my only one. It is playable and looks to be well made. It stays in tune. The geared tuners make it a little heavy at the top, but cheap geared tuners are probably better than cheap friction tuners. It looks nice. It sounds OK to me, not fantastic but good for a low-end instrument. I think it's fine to learn on.
The only con I can think of is that it isn't solid wood so it won't improve with age. It's a cheap, fun ukulele.
My husband got one of those and it really is what was my gateway drug to my ukulele need.
Another thing that is nice is they come with Aquila strings already so you won't find yourself switching.
I have a LU-21 and I like it a bunch. It was my first uke. I think it sounds pretty good...stays in tune...and is fairly rugged. Here's a sample of mine: http://www.youtube.com/watch?v=zp1eDgmX3c0