Its a budget setup, but I can't really imagine spending $800 on a rod, or even on a rod and reel. That this lack of imagination is simply due to the fact that I've never got my hands on a premium setup is a possibility that I'll be glad to explore just as soon as Hardy and Orvis mail me their latest...
But truth be told, this setup catches plenty of fish and puts the fly where I want it. At the end of the day, what more can I ask?
My wife (truly a great supporter of this passion of mine) gave me a William Joseph magnetic chest pack for my birthday the year prior to our wedding. It has room for two small boxes and enough leader/tippet materiel for any expedition. The magnet is very strong and has never failed, and when opened the front flap makes a sort of mini workstation. It is also waterproof (or at least water resistant) and I entrust my iPhone to it with confidence.
I think of my setup as "minimalist" and that sort of fits in with how I try to approach fishing in general.