Congrats! It's always great to get something new, and especially kitchen stuff!
If you like to cook you definitely need good cookware, it makes all the difference.
As for the price, I believe you get exactly what you pay for. If you buy cheap stuff you will be replacing it a number of times over the course of your life. If you buy something of quality that item will last you a very long time.
In my 20's and part of my 30's I had cheap aluminum pots and kitchen utensils. I was always having to replace them because of a broken handle, or peeling coating etc. Finally I went and bought an expensive set of stainless steel pots when "The Bay" had a 1/2 price sale and it was the best thing I ever did. I now have good quality stainless steel cookware that goes from stove to oven and now I find cooking somewhat enjoyable.
One thing you should get if you haven't got one already, is a slow cooker or "crock pot" I think they're called in some places. I have one and it's great to put something into it in the morning and come home after work to a hot meal that has simmered all day. You can make all kinds of things in a slow cooker from cakes to soups to roasts to stews etc.