I think I bought about a dozen of these when they first came out, maybe more. What's not to like about the set? You get a good selection of weapons and armour; indeed, there's enough here to outfit two knights, although one will be short a shield. With a little bit of ingenuity, one could even use the armour to recast an old figure as a crown knight, thereby doubling one's crown army with each purpose. That's not a bad way to boost one's ranks of a new faction very quickly, and I think it adds a significant amount of play value to the set.
Even the piece selection is particularly strong. Thinking about the knight's accessories, I appreciate the fact that a shield is included, and the weapons--a sword and a spear--feel 'classic' and thus comfortable to me. The helmets are also both classic elements, which again helps this to feel like a 'normal' knight to me. Thinking about the stand, the bricks used are all very useful for landscaping or other castle themed building; they're a good inclusion.
I'd rank this set, for what it is, as a 5/5. It's not flashy; it doesn't have a high number of rare or sought after pieces; and it's not much good on its own. But, given that these things are obviously not the purpose of the set, one really can't hold them against it. All the pieces are useful, and the fact that the accessories can be used to outfit a second figure to look like a crown knight doubles the impact of the set. I hope future impulse buys are all as good.