Ninite is a great tool for getting a lot of software up and running quickly. I've used it a few times recently. I see three problems with it, though. One, there's no way to tell what the installer is configured for before running it. Two, there no way to exclude or include programs once it's created. Three, it doesn't have a huge range of software in its library. If you want a new program in your Ninite installer, you have to go back to ninite.com, tick everything you had in the last one and anything new you want. If it changes again, you need another new installer which, as mentioned above, will give no indication what is inside it until it's running. I like Ninite as a quick start for a new system, or as a multi-update tool, but the best way I can see to use it is to go to the website every time, get a new installer and then discard it after it's done. And even when you do, you'll have to go elsewhere for some of your other software.
Mokalus of Borg
PS - It's good that it avoids bundled toolbars and things.
PPS - And it's quick and painless, too, so there's that.