I'll keep it short because this has been covered a zillion times.
And these are MY opinions so you guys put down the flame throwers.
If you dont want to build buy an ARF, any one from the major companies will fly great as will SPAD (www.spadththebone.com), or Armadillo.

for radios Hitec offers the best value for money with either the Flash5 or Laser6 being the pick of the bunch, CHECK with your local club to see if they have a buddy system for WHATEVER radio you buy.

engines my personal picks for good value ar the Thunder tiger 42 or 46 or the GMS 47, if you can aford the OS FX series buy all means get one but IMHO they are over priced as are the OS LA series