I might disagree slightly with the previous posters, though I think if you're really serious, you'd do well to follow any or all of their advice, as you will certainly outgrow a $150 outfit fairly quickly (or it will simply break). They are all correct that TFO has some great new outfits (you can get a great setup that will last you decade for about $500), and if you search eBay, there are some great reels (look for a Redington Brakewater, for one, and just post what you're thinking of buying to one of these forums to see what the consensus is). Another place to look, that I haven't seen anyone mention, is Powell rods - I haven't seen the new line (I will this weekend), but they're changing their whole distribution and price structure so that their more than competitive (and by all accounts comparable) with the top rod producers out there for 1/2 the price. I like the original Tiboron, I'm betting the T2 matches up.
However, if you don't know if fly-fishing the salt is going to be for you, or you simply don't have the cash to spend right now (but might later down the line when you learn you want more in a rod), then go out and buy what will get you on the water and started on a new addition.
For a bare-bottom price, that should still work, I'd look at Echo reels, they aren't going to last you forever, and I wouldn't try to tackle a tarpon on one (but who knows?), but for $69.99 you could do much worse, and, at the least, you'll have a usable backup (which is why I picked mine up) for when you're addicted and pick up that $650 Tibor (which I still dream about while I stick with the workhorse and still affordable Scientific Angler LA). Then buy the best 4-piece or smaller rod you can buy (Cabelas, Redington, TFO, Powell), figuring that after a season or two, it'll be your backup rod.
The important thing: do what you need to do to fish. After all, the fish doesn't know what kind of rod your using, and won't be insulted if you catch him on an old fiberglass rod you buy from wal-mart (my first rod - a 7wt that caught more silver and chum salmon than I could count after it was the only rod to miraculously survive a freak accident in AK 2 years ago-long story, and it cost me $40 15 years ago).