First of all, I liked that the product was packaged very thoroughly: the shipping box arrived to us slashed through, but the product itself survived without any damage and no parts fell out of the box thanks to the thoughtful packaging.  
While the bench and shelf look decent from the front, if you look at the details and especially at the back of the product, you'll see a lack of craftsmanship or attention to detail in how it is built.  It's not a high quality product.  However, once it's assembled and mounted, you don't really see imperfections.  So I'd say it's an acceptable quality for this price range.  
The shelf compartments can hold a lot of stuff, and the little shelf built into the bench can accommodate 3-4 pairs of shoes.  The bench itself is pretty sturdy.  We are very happy with this storage solution for our entryway.