The kitchen in our house was newly renovated with an IKEA kitchen when we moved in. Not sure how much it cost, and apart from some slight peeling on one cabinet door, it's all fine!

As a person who used to work for a cabinetmaker though, I give the following warning - IKEA kitchens are based on one standard kitchen. You'll probably find you need to get benchtops cut down, or they won't be long enough, or your walls won't be dead straight, etc. I know the IKEA kitchens look fabulous and have a great price tag, but you need to really measure up your kitchen and work it out for yourself, and factor in the cost of getting a tradie to make the necessary changes. A lot of reputable cabinetmakers won't have anything to do with an IKEA kitchen, unless its ripping it out, because it just gets too fiddly to work with, and clients are shocked when they realise how much the kitchen is really gonna cost.

Hope that helps