I can't really comment on the guitars except to say that I have a Squier Affinity Telecaster, and really like it. The Squiers have gotten mixed reviews and it sounds like the quality control may be a bit spotty, so maybe I just got a good one - it plays sweet and I haven't found any quality issues with it.
As far as amps go, I originally ordered a Line 6 Spider II 15 amp from Musician's Friend - but the amp was broken when it arrived, so I never got to play with it.
The Roland MicroCube is a great little practice amp, IMO. Just bought one a week ago, and am really enjoying it. You can play it at barely audible levels, or crank it up loud enough to annoy your family and immediate neighbors if the mood strikes you. It sounds good, has a variety of amp models for different sounds, and the built-in effects are fun to play with. I did a lot of research before I bought it, and I think it'd be pretty hard to beat it in it's price range.
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