I work out at home and at work- No gym access, personally don't care much for gyms anyway, so I know where you're coming from. The system you linked to looks nice for home use, I actually have a friend with a similar set up from the same company, I think- Excellent construction, and it would definitely get you great results.
Having said that, I have to tell you that free weight exercises beat machines any time- Take the bench press, for example. With a home setup like that, a lot of stabilizer muscles won't be getting used during your chest workout- The weight can only move in a predetermined line, none of your muscles have to work to keep the weight in balance throughout the movement- You just have to concentrate on moving it straight up and down. Of course, safety always comes first, which is why a system like the one you linked to is excellent for the home- There's no way you can drop the weights on yourself or get stuck under them. If you want the best combination of safety with the ability to do free weight exercises, you might want to check out something like this, from the same site-
http://www.bigfitness.com/powbensys.html A nice and sturdy weight bench designed for free weight movements with some low bar catches for safety. You can adjust them for whatever exercise you're doing so you can just leave the weight there at the bottom of the movement- Especially useful when you're doing free weight squats, for example- The biggest muscle and strength building exercise out there.
Either way, they're both excellent home gyms, and you'll definitely see results from either one.