For a brand new setup, that is not a terrible price, especially if you get free shipping. (Shipping on those units will usually run at least 20 USD)
However...you can buy used units on Ebay for sometimes as low as 40 USD + Shipping. (The last one I bought was actually 43 and some change, shipping included).
Most of those won't have reflectors, but aside from that there really isn't any difference between "grow light" MH and the MH lights they use to light barns/warehouses. Even if there were, it would be just a matter of bulb change, and its really the ballasts that are the most expensive part.
(If you like electricity, you can actually buy all the parts individually and assemble the unit...might save some money, might not.)
Now...as for MH. It is a common belief that MH is good for Veg, and HPS is much better for flowering (though some use HPS all through their grow). The handy thing about MH lights, is that you can get MH to HPS conversion bulbs, which allow you to use an HPS bulb in your MH fixture. That way you don't have to buy an entirely new light system for flowering...you just switch bulbs.
I'm not certain if there are HPS to MH conversion bulbs though....so I've always figured it best to go with the MH and convert from there.
(There are also tutorials online for re-wiring your MH to use any HPS by removing the ignitor...not suggesting you do this, just pointing it out.)