I have most of the First Years collection.
The bottles/nipples work well for my baby, although she's almost exclusively breast fed. Haven't had any issues with nipple confusion by switching back and forth, which was important a few weeks ago when I had to be hospitalized for a few days and other people were feeding her.
Also, during the hospitalization, the pump was nice to have. I actually really like this pump because it's so portable and it works really well. The highest setting I've used on it is 4. I don't believe I'll ever need to use the highest setting. For the few days I needed it, it was enough to maintain my milk supply, but I don't think I would rely on it if I pumped exclusively.
I rented a hospital grade pump with my first daughter, and, although that was a loooong time ago, I don't see much difference in function between the two. That said, if I was working out of the house now, I'd probably invest in a higher-end pump. Preferably a closed system.
The drying rack is nice. I keep it on the counter and simply store my bottles/nipples/etc. right on it. My only complaint is that it seems a little cheaply made, but it won't live in my kitchen forever and it does what it's supposed to do.