Any fly rod is better than none at all....
If you can cast with it, it's a good rod.
I still have fond memories of the rod I learned to fly-fish with. It was awful by todays standards, but it brought me to fly fishing.
While stationed in San Diego, Ca., I ran across a South Bend Fly Combo with everything in it, including a few flies, on sale at a K-Mart (I think. It's been a real long time ago). It was something like $10.00. I had seen some people fly fishing before and was bored, so I bought it, went to the library and looked at a fly-fishing book (by Ray somebody...), took notes, and went to N. California for the weekend to learn how to use it. I must've caught a barrel full of assorted panfish.
I've been hooked ever since, and I believe somewhere, someone is still using that rod today (I gave it to one of my nephews when I upgraded).
Cheap rods serve a useful purpose, even if it's just getting someone interested in Fly-Fishing. I have a cheap Eagle Claw 6' 5 wt fiberglass rod that I still use sometimes. It's great in really brushy areas.
Semper Fi!