What brand is it? Depending on brand type you can buy a setup with those specs cheaper brand new, but some brands are likely better than others.
As far as if that will work well I'll let someone else answer - I'm interested in the response because I'm currently building my first tank and that's the same type of setup I bought. It definitely will limit you somewhat, I'm just not sure how much, I have decided at this point that the next tank will be larger and will be either T5 or MH. But for a 55 I think PC will allow a pretty good variety of stuff.
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In the process of building --
55 gallon display, 10 gallon sump, letterbox fuge, 260 W odyssea pc lighting, to be continued... | 
