I've saw the Alpha Trainer complete setup advertised (at Hobby Warehouse) for $310US -- I would definitely say it's worth that. (I also saw it advertsed for $499US -- that's more than 60% higher than somebody else's advertised retail, so I'd avoid it at that price as a matter of principle if for no other reason.)

Hangar 9 has a long-standing reputation for high quality ARF products built properly and covered with real covering. I have looked at how the Alpha goes together and I don't think you'll find anything that's a surer bet to go together right or that's more assembled or easier to assemble as it comes from the box. I haven't personally touched an Alpha Trainer, but if it's as good as other Hangar 9 planes and since it includes engine and radio all installed and nearly ready to go, I'd say it's a VERY nice deal at the lower end of its advertised price range.

If you're not going to build your first plane and you need the whole outfit, it looks like a great way to go.

As for aerobatics and speed, it'll do the basics -- they all loop, fly inverted, and roll with a trained hand on the sticks. It won't be the most precice aerobat, but it will take you through learning those things.