I've got one of these - also, it's $30 for the crankset AND bottom bracket. I also have an IRD Defiant and an FSA Gimondi, which is slightly different.
The quality of the Chinese Cheapo doesn't seem so bad unless you compare it to something of actual quality, like the IRD (which is very nice). I haven't had a chance to test it yet because I didn't think to check the chainring width, and I don't have a purpose for a 1/8" deal at the moment. The edges are very sharp and it feels unfinished, but I'm sure it'd be good for upcycling an old beat up frame into a "vintage" single-speed townie.