That is a great introductory light for basic reef entry. It will suffice for basic easy-to-keep soft corals and corralimorphs such as mushrooms, ricordeas, many zoas, and leather corals. You should be able to keep things like Kenya tree coral and xenia under that lighting system as well, and (possibly) lower-light loving LPS. I would go very slow and research any LPS coral before you added it, however.
If you're looking at just getting into the basic husbandry of reef-keeping, this light will be a decent starter set. I warn you, though....once you see some success with your corals, you will be tempted to try some of the more difficult species and this light will NOT cut it. You will want at the very least a 4-bulb T-5 fixture, preferably with individual reflectors on each bulb. If that's something you want to do eventually, you may want to consider returning your current lighting setup and saving a little for the "bigger" fixture. Do some research on a few of the newer metal halide pendants and swing-arm fixtures, and of course you might want to consider the pricier LED fixtures.
Oh, and you will almost certainly want more live rock in that tank when you start moving towards adding coral.