**It is always important to cross-check these sets with the Lego site to see what is currently available (hint).**
Summary: I regard this as one of Lego's top sets for 2012. It is a fantastic set with a very good price. It makes a great gift because if the recipient does not like it, then he or she can build something else.
Long version: Lego's Creator line is one of my favorites because the sets avoid the use of really specialized pieces and, instead, focus on the creative use of more basic pieces. This is much closer to the way Lego sets were when I grew up. You can, of course, buy the bulk Lego sets, but I find those boxes provide too many 2x4 bricks and not enough of other key elements. Creator sets like this one provide a great mix of very useful pieces, often in colors that are hard to find. And because these come with directions for multiple builds, they encourage rebuilding and experimentation.
The set comes with directions for three different designs. The A model is a close approximation of the venerable de Havilland Mosquito from World War II. The B model resembles an F-16 and the C model is a hovercraft. These are not terribly large models, nor do they have room for Lego mini-figures. Still, they are a well proportioned for play (i.e., they fit nicely in a child's hand), and kids find ways to integrate them with mini-figures anyway. This set does not include any mini-figures.
The other airplane set for 2012 is #6912, which is also a fine set, though a bit smaller than 7292. Of the two, I think 7292 is more fun, but 6912 may hit your spending target better. I should also add that Amazon (and I mean Amazon proper) has had a history of pricing the Creator sets very competitively. The Creator sets often end up being very good deals. If airplanes are not what you are looking for, be sure to check out two other 2012 Creator sets: #7291 (a nifty orange motorcycle) and #6914 (a red T-Rex).
Set 7292 is part of Lego's 2012 line and it began selling in late November 2011. It represents a continuation of Creator-line aircraft, the most notable being: 4953 (2007), 4995 (2008), and 5892 (2010). If you are a Lego airplane fan, it appears that Lego will offer at least three more aviation related sets in 2012 (probably arriving in the summer): #10226, a very detailed/complex Sopwith Camel; #7345 Creator Helicopter similar to an EH101/S92/NH90; and #9396, a large Technic EH101/NH90-style helicopter.