Great look for the price.  I grew out a beard and shaved down to a mustache for the party, def. better than the cheesy one that comes with the costume.  If you can do a good "It's me, Mario!" it's a lot of fun.  People loved the costume.  As a fun add-on, I printed out yellow question mark squares and taped them to a box.

The Good:
Realistic looking bright blue and red.
Lightweight - keeps you cool. I wore normal clothes underneath and was able to strip down easily as the night wore on.
Low cost

The Bad:
Shirt/"overalls" are sewn together as one piece without any pockets or access panels to get to pockets in clothes underneath (which you WILL be wearing, as the material on the costume is very thin.)
Gloves didn't really fit, so I was constantly taking them off.
Hat may be a bit loose for some people, but you can always safety pin it.