So I had the 1981 version of this thing from Montgomery Wards. This one is the modern 2012 version but it is still pretty much the same. The tools are kid sized but real tools. There had been some up dates, it looks like. My tools had blue at the end of the handle and these have red. There are some new tools included, I certainly didn't have a block planer. But all in all it looks near the same as the smaller version I had.
I am actually pretty shocked at the price as mine was probably a little cheaper but 49.99 for all these tools seems a pretty good purchase for such a big set of tools. I hope they are of the same quality as my old ones, they where real workable tools back then. They could take a beating and still build. Probably not for everyone but Norm Abrams and Roy Underhill would approve of this toy.