I've owned several kegerators and I've built 2 of them.
If it keeps cold, it's not crap.
If you're replacing all the hosing remember to put in at least 5 feet of beer line. The extra beer line balances out the system so you can pour at a good rate without foaming.
Speaking of foam, one trick is to put a 12v computer fan inside to blow cold air up the tower. The first pint you pour, if it hits a warm faucet it will instantly foam, so try to keep the beer lined inside the tower and faucet as cold as you can.
If you don't use it every day, your faucet will get stuck shut with dried beer (I'm assuming it has a standard rear-sealing faucet). This can be a giant pain in the ass and you can break tap handles trying to get it unstuck and deposits of dry beer are great places for bacteria to grow.
Trust me on this one and get yourself a perlick forward sealing faucet. This design keeps the seal surrounded with liquid beer so it can never dry out, stick or get nasty. They're totally worth the investment.
http://www.northernbrewer.com/brewing/k ... er-faucets
^^ you can find them cheaper...around $30 probably, just google it.
Lastly, did it come with a CO2 tank and regulator? If not you'll need to buy those, both run around $100 depending on size and quality.
EDIT: BTW, there is tons of helpful information about kegerators over at http://micromatic.com and for specific questions, beeradvocate has a forum group dedicated to Home bars and kegging http://beeradvocate.com/forum/list/36
EDIT#2: you should also pop over to micromatic.com and buy a beer line cleaning kit. Every couple of kegs run cleaning solution through your lines or your fresh keg could end up tasting like crap
