this one is of good quality and is eerily similar to the football season uniforms (save for the colors) that the varsity cheerleaders at my high school alma mater have been wearing as of late. I also have Cheerleader set #2 and it is more realistic to a basketball season outfit. I agree, it is of high quality. You can get some ribbon at Target or Wal-Mart that should match this outfit if you don't want to do a ponytail. The earlier versions, which I have, all came with scrunchies, so I like this outfit's ponytail holder with ribbons better. Ponytails is usually how dance groups and schools do their uniforms; at my old high school it was a requirement for them to wear ponytails to games. College level ones though tend to wear their hair down.
I knew way too many cheerleaders in high school (I was somewhat popular) and know a few in college too.