Yeah, that Meguiars paint restoration kit which I've seen at Wal-Mart as well is a pretty nice kit for the price. I wish a kit like that was available when I started getting into detailing. It would've saved me money. The Ultimate Compound polish that comes in the kit I have experience with and it works very well. The Gold Class wash and Carnauba wax thats included also seems pretty good from what I've read on some detailing forums.
I would also recommend picking up some additional microfiber towels as I tend to use around a dozen when I detail my car. I also have separate microfibers for glass cleaning because even after washing the towels you don't always get all the polish/wax off which can create streaks on your glass. I have my glass cleaning microfibers in a different color as to not confuse the towels.
Also be prepared to use a lot of elbow grease and time especially when doing the polishing by hand. I detailed my car once by hand, and I immediately started researching and got a deal on a Griots orbital polisher for the next time as one time by hand was enough for me.
With all that said you will be amazed at how much better your car looks once your done, and all that hard work will have paid off.
Just to give you an idea of how much better your car can look, check out these before and after pictures of my old Contour SVT
that was neglected for 2 years without even a wash.
And here's a walk around video after my spring detail this year:
2000 Ford Contour SVT - Spring Detail - YouTube