I'd say it's all relative to what you're planning to use it for. For general plinking, I'm sure it's fine. I've owned a few NCStar products for my paintball guns and they're not bad, but I wouldn't want to rely on them if my life were on the line. They just feel a bit cheaply made, and some folks who I know and trust have had bad experiences with them. That being said, I've never used the specific scope you're asking about.
Something to keep in mind when looking at illuminated dot scopes - the 2 and 3 color dots are fun, but every time you add another wavelength (green, blue) that's reflected back to your eye by the prism, you're decreasing light transmission through the optic. The thing that makes Burris, Aimpoint and the like pricier (besides the name) is their fancy band-pass filters that reflect ONLY the wavelength produced by the diode and transmit everything else. That's why the top-end sights are still only red. Maximizing light to your eye maximizes your ability to see your target in all conditions.
I heartily second the ProStaff recommendation. I've been shooting a Nikon (I have
the basic 3-9x40, here's the
BDC version for $166) on my R700 for a while now and after trying several other optics, I'm convinced it's the best scope for under $200. The glass transmits a LOT more light than cheaper scopes, so you can see and shoot the deer (or whatever you're shooting at) later into twilight when they're becoming more active.
If you're sure you want a red dot, have a look at the
Bushnell TRS. It is unmagnified, but (IMHO) the best red dot for under $200- think 95% of an Aimpoint Micro for 15% of the price. You can find them for $80-$100. Bushnell also makes a magnified tactical red dot (
linky linky) that's a bit pricier, but I've heard good things about it.