My $.02.
Package deals are great if you can afford to buy a large amount of gear (BCD, reg, computer) all at the same time. Otherwise buy what you can afford when you can afford it. I see a lot of people plunking down plastic to invest in expensive toys. I believe you enjoy the hobby more if it doesn't compromise your ability to feed yourself and your family.
Another consideration for going piece-meal is that rarely does one dive shop sell all available brands. If you want a Scubapro reg, a Seaquest BCD, Suunto computer and one dive shop sells them then you are set but I like to pick the gear I want and not buy what the LDS has pre-packaged as a "deal".
As with anything, the people who work in a store are usually not the best source for info on what gear works best even if they don't work on commission. The dive shop gives them such cut rates on the gear they sell they rarely have they tried a lot of brands. Previously discussed on this board is the fact that LDS's require Divemasters, AI's and Instructors to only use gear they sell when working with students to promote that gear. Know your source when excepting a recommendation on gear.
Finally, support your LDS's. Gear you buy on-line might be cheaper but there are plenty of stories on this board about eBay transactions gone bad. I think the piece of mind and future service you will receive from your LDS will be well worth it. As with gear, choose an LDS wisely and you don't have to lock in to just one. In the past year, my husband and I have patronized 3 dive shops in our area and one a few hours away near our favorite local divesite. We spend plenty of money in each and they all have their strengths and weaknesses. Some divers get emotional about their "home" LDS but I think it is a good idea to look around.
In terms of my gear:
Reg - Scubapro M20-G250 with Air2
BCD - Diva LX
Computer - Suunto Mosquito
Wetsuit - Liquid Fit
Camera - MX-10 with Strobe
I am happy with everything I have. The only think I might do different is check out the Ladyhawk BCD. Unfortunately it was not out when I bought my Diva but I have heard very good things and would want to evaluate it.
I highly recommend Liquid Fit for wetsuits if you aren't an "off the rack" size. Another bonus is that they can alter if your size changes. I am pregnant right now and glad that my diving future does not depend of my loosing all my baby weight before I can go again post baby!
Hope this helps!
Heather