I would not have paid full price for this set, but it's definitely worth the sale price of $28.
I do agree that the cradle could be a bit roomier, and the blanket isn't anything special, but the cradle is very sturdy and I think the doll will hold up very nicely. I also think that the dress and bonnet are of better quality than the outfits you usually see on dolls this size.
I bought Polly for my 3 year old and she has been playing with her constantly, so for play value I give the set an A+. We already have a couple of Bitties, but Polly is the perfect size for taking places. I don't mind that her eyes are painted instead of sleep eyes, because she seems more durable that way (for some reason, I always worry about the sleep eyes), but I can definitely see where it would bother people from a collector standpoint.