In modern context - this set is fabulous. I mean, everything that has been said already is still true - it's a classic of the good ol' days of Castle.
However, to play a sort of pseudo-Devil's Advocate here. . . I want to give my impression of this set when I was a kid:
I was about 8, I think, when I first saw this set. It was actually an older set by that time (I was born a couple years after this set came out), but I saw it and had the chance to buy it. I didn't.
Why didn't I? Because if we look at this set in context of its era, it wasn't really fantastic, by my standards at least. I had a lot of extra castle pieces all over the place, so the set itself wasn't really special - I'd built better myself for my 'shops.'
As a kid I didn't really like the square flags, so that didn't do anything for me. And I didn't like black weapons either.
Two figs, in a style that was pretty common at the time. Well, I already had quite a few of those. Some extra headgear and shields - of which I already had more than I could use. The only part of this set that would have proved useful to me as a kid was the horse, of which I always liked having more.
So, while the set was nice, it just wasn't nice -enough- for me to bother with as a kid, considering the vast amount of Castle stuff I already had (and I had -a lot-).
Forge not works of art but swords of death, for therein lies great art.
"The Gods made heavy metal and they saw that it was good." - Manowar