While PSA does make good gear (I use their M4 stock and receiver extension since I purchased my rifle with an ACE ARFX-E stock), my Del-Ton rifle (built from a kit) has worked flawlessly, just as well as any BCM, Spikes, Bushmaster, CMMG, Colt, PSA, or whatever top-dollar rig you can think up does. All AR-15 parts may not be created equal, but Mil-Spec is Mil-Spec (no civilian AR-15 is Mil-Spec - the whole Mil-Spec term gets thrown around way too much, but I'll save that for another conversation) - 7075 aluminum is 7075 aluminum, it doesn't magically turn into 6065. You can throw around the fancy terms, but again MPI\HPT testing is MPI\HPT testing, if it passes it passes. The Del-Ton kit may not have a "full-auto bolt carrier," but if you plan on using this rifle with either a $4-6k lightning link, $8-16k RDIAS or a $20k+ registered receiver, you're probably out of your mind. Mind you, no disrespect intended, but I hear these things almost daily. If you were to throw the individual parts made by 3 "low tier" and 3 "tier 1" manufacturers into a bucket, I highly doubt anyone could tell them apart save for some tell-tale signs and markings.
With that said, there's only 4 manufacturers who forge the majority of AR15 lowers (MMS, CMT, LMT and LAR), they are then sold to the companies to be finished\engraved. PSA uses lowers forged by Olympic, Del-ton uses lowers from ATI - neither made by the "big 4," not that it matters. If you want the least expensive rifle you can possibly own, get a $99 New Frontier LW-15 complete lower and a $400 complete Del-Ton upper. If you just want an inexpensive lower for use in the kit, New Frontier also sells stripped lowers for $40. Yes, they're polymer, and yes they have been tested extensively to ensure they are safe and will last.
Their barrels are hammer forged and come from either Wilson or Mossberg, both of whom are very large OEM supplier in the AR-15 world. PSA will not say who their barrels come from, but I can almost guarantee one of their two manufacturers is Mossberg.
They use key-hole stamped uppers, which is the forge marking of Cerro Fabricated Products (forgers of many, many AR-15 uppers, including Colt).
Cedar Enterprises makes their two-stage trigger and it is actually quite renowned; not sure who makes the one-stage but it's a good trigger for an inexpensive LPK.
All the BCGs are MPI/HPT tested as stated before.
I'm not sure if they still do this, but Del-Ton used to include a commercial receiver extension with their kits unless otherwise ordered. It's not a big deal, it's just a smaller dimension tube with a slanted end. If you tried to use a mil-spec stock, it would have a lot of slop.
It makes a good platform to start and build from. I shot out my first Del-Ton barrel, and am on my second, but also have a Wilson barrel on the way as I'm looking for much better accuracy (sub-.75moa).
If you plan on using this rifle in Afghanistan or Iraq, I would consider buying a $2-3,000 Daniel Defense, Knight's Armament, LWRC, or H&K variant if not for just name's sake. If you're going to use this rifle to kill paper, do drills or maybe, possibly to defend your home, the Del-Ton is 100% reliable and can be had complete for about $600. I have never had an issue with it, save for trying to shoot lacquered Wolf ammo without cleaning it first. It has never failed me, never jammed, it just keeps working. Use the extra money you saved to buy ammo, magazines and targets.
With that said, if you buy the kit with a completed upper you only need (at a minimum) a hammer and a pair of vice grip pliers with some tape wrapped around the end to protect the finish. A proper set of pin\roll punches will make your life a little easier, but aren't needed. I've built dozens of stripped lowers and rifles so far, if you have any questions feel free to ask. The article on AR15.com posted above is a great one, I would suggest reading it.