Patrick - You never saltwater flyfished. So how can you possibly give advise?! That really irks me.
Anthony - The topic of equipment selection can fill a book! But here's some thgoughts:
Each person has his/her own comfortable weight fly rod, usually from 8wt to 10 wt. My favorite is a 9 wt. I can cast it all night and not be worn out. But it also depends what the conditions are, the size flies you're casting, surface or deep fishing, etc etc. As a new caster you'll probably find a 9 or 10wt rod easier to use. And you can split the difference and get a 9/10wt rod that allows you to use eitehr weight line.
As for brands, no need to get a $600 rod yet. Redington makes some good rods though a little above the price you're talking about but well worth it. Definately go to a shop or a flyfishing club meeting and try several rod/reel combos before buying.
Coming to lines, there are more styles and kinds than every these days. IMO get a good quality floating line and intermediate line. Don't worry about specialty lines right now. A good quality saltwater weight-forward line will do. Between a floating and intermediate line you'll have 90% of the bases covered. And don't go for shooting heads just yet. Learn to cast a full line well first.
Mike's right about the Pfleuger. It's an awsome reel, just not nearly as "sexy" as other brands. But many more saltwater flyrod sharpies use a Medalist than the other fancier reels. Go for a 1498. The rim control reels (the 1500 series) aren't as well made for some reason. You can load 100 yds of 30# micron backing and a 9 or 10wt full line. Also but extra spools. They're cheap and it's much easier to change spools to switch lines than it is to change the lines itself.
Speaking of backing, 100-150 yards of 30# is more than enough for most conditions we encounter around the Northeast. Bass and blues just don't run like tarpon. Even albies don't run that far. Micron is easy to work with and inexpensive.
For flies, start with the basics: Deceivers, Clousers and streamers in standard colors (white, yellow, black). Don't worry about getting fancy just yet. Many a big fish has been taken on a plain white or black fly. Later as you get more experience and start taking fish you can experiment with other colors and combinations.
One other point: Make yourself a stripping basket from a Rubbermaid wash tub and a bungee cord. No need to spend $30 or $40 on a brand name basket. They don't last any longer. Be sure to put a good basket insert in the bottom to help prevent tangels. It's well worth it.
Good luck! You'll love it!