That kits has some good parts, and some not so good parts. The CPU black isn't bad, but it's not great either. The Radiator is a good one, although you could get better performance form a smaller radiator (depending on fans) such as a BIX 2 (120.2), a BI GTS 240 (120.2), or a PA 120.2.
But, your biggest issue with that kit is the pump (it's a modded Ehiem, and under powered for this loop, it is queit though). You can have all the radiator power in the world, but if the coolant isn't moving around quick enough, your temps will definately suffer.
That being said, if all you want to do is cool your Pc adequately and nearly silently, and you are not concerned with extreme cooling power, then yes, that kit will work. However, if you want performance too...
My suggestions for a Silent machine that kicks boo-tay
Swiftech apogeee CPU block
Swiftech MCW30 chipset block
GPU block (take your pic, Swifteck, Dtek, or Danger den, all perform on par with eachother, optionally you can cool your ram too with a swiftech MCW RAMcool block as well)
D5 (mcp655) pump
BI GTS 360 radiator (PA120.3 would be more ideal, but costs ~ twice as much)
Now, a few things to ask:
A) do you REALLY need to cool your GPU and Chipset as well? Probbaly not unless you already have a heat issue, want to do some extreme over clocks, or want a silent system. True performance comes wiht a price, whether that be silence, or extreme speed. A happy medium can be found for cheaper though. So think about it.
B) Did you take some time and browse/search this forum till you could barely stand it? If not, I recomend doing so. There is a ton of Info to be gleamed. You can get plenty of ideas and suggestions for what you REALLY need to do as far as water cooling your particular system to meet your needs.
C) DO you have the Money to spend? There are som ethings you can do to reduce your costs. But not a whole lot when you are setting out to purchase a major WC setup all in one go. It's would be far better wo spend money on less stuff, but higher quality stuff now, than to spend the same amoutn of money on lower quality stuff may not do what you really think it will.
D) Lets assume you are going to cool your GPU, lets talk about the Ram. The Asetek kit does not come with a ram cooler. Now I'm not sure if it comes with RAM sinks or not, if it doesn't GET SOME. If yo uprefer to build your own setup, same thing holds true, get RAM SINKS. If you decide to WC your RAM too, My personal preference is to go with the split block system. Block for the GPU, block for the RAM, this system SHOULD be portable to another graphics card in the future, unlike most of the all in one units.