I have two issues with packaged tool kits:

1. What kind of bottom brackets do your bikes have? Do you own any bikes with threaded headsets? What about freewheel/freehub lockrings? These things take specific tools. Does the tool kit you're considering have the specific tools that you need? Does it contain tools, like headset wrenches that you'll never use?

2. Cheap cable cutters suck big time! In fact, they're pretty much useless. Cheap chain breakers aren't quite so bad, but the same principle applies. It pays to step up to better quality with some tools than you are likely to find in a budget set.

On the other hand, $46.00 isn't very much money. Even if you throw away the cable cutter and chain breaker that comes in the set you're almost sure to net several useable tools that would have cost you more money if purchased separately.