MacGregor were one of the biggest golf equipment manufacturers. I think they started in 1897 and over the decades made some of the best and most iconic clubs in the game for many of the greatest players including Jack Nicklaus (not Nicholson 
) who at one time had a major share-holding in the company. As a kid in the 70's I lusted after MacGregor clubs and they have always been a favourite brand of mine. I currently have a set of one of the last great forged sets they made, the VIP V-Foils, from about 2005 and they are beautiful to hit.
However their expertise in classic forged blades and persimmon woods didn't really help them in the more modern mass market. They couldn't keep up with Callaway, Ping and Taylor Made and they struggled over recent years. I think they went bust a few times with the brand changing hands and now the brand is associated with budget starter sets.
Like a lot of the big manufacturers they made a vast range of clubs from budget sets to very high quality high end equipment. I don't know where the MC 400 sat, or how old that range is, but even good equipment from 10+ years ago can be well behind modern equipment in terms of performance and woods in particular bear no comparison to modern offerings.
If you are new to the game they will probably get you going OK but you will probably want to upgrade fairly quickly. Beware of the grips. If they are old, hard and shiney this will seriously impact on your ability to grip the club properly so a getting them re-gripped might be worthwhile. Will cost £5-£8 per club.
Hope that helps.
Best of luck starting out. This forum is great place to get advice about anything from the simple to the complex on gear, technique and rules as well an opportunity to join in some lively debates about all aspects of the game.
