Jason,
I had one of those when I first got a 300D. I can tell you that lens is nothing like an L-series. It is not sharp and has poor contrast. It's also very slow to focus.
Also, it will only be f/4 at the 70mm range.
I would say, though, that for a beginner or learner, it is fine. If you don't intend to create large prints then it should be OK.
The problem with all this photography stuff is that quality is expensive and keeps us all broke.
Regards,
Humayun