I have a set like this, but can't remember the source. I think the inexpensive sets like this are similar. It's the inserts that do the work. I have also experimented with different inserts and have had some good luck. I have also bought inserts and made holders from square stock with good results.
(BTW, I also have the OXA size QCTP on my 7x Minilathe and it is much more rigid than the stock 4-way toolpost was.)
I think you may find that the screws holding the inserts are poor and will need to be replaced. In my set the thread for them is M2 x 0.40. I ordered a box of 100 SHCS from MSC.
Some things that others have mentioned and my overall experiences also seem to confirm:
1. For MiniLathe size machines HSS is still hard to beat. I have a bunch of HSS 5/16 toolbits and I can grind them myself and if I take the time they work very well. Carbide seems to help when the material being turned is hard.
2. Carbide is brittle and will chip and break where HSS will be dulled. I have probably ruined some work because carbide has chipped and I didn't catch it in time.
3. Indexable tooling seems to really work well with larger, more rigid toolholding ("As others report." Until I get a larger lathe I won't know how much this would be true for me in my shop.)
If you are up to an in-depth discussion, I think this thread is very informative:
http://www.homemodelenginemachinist.com/showthread.php?t=10175&highlight=Insert
Best of Luck and keep us posted.
--ShopShoe