So I picked up the actual D&D Miniatures Starter Set (the latest one, which has 4E-type rules, not the original 3E-based one). Mostly I wanted to get the five exclusive minis in the box, because I'm a mad collector nom nom nom. But it also comes with a d20, four nice maps, a rulebook, and some miscellaneous counters. So I figured, maybe I'll try these rules out.
I was very pleasantly surprised! I played a couple of double-handed games in about 45 minutes. I had imagined that the included creatures would be too basic to make an interesting game. But as it turned out, Wizards did a really good job of balancing the starter kit, and each game I played had a good balance of interesting tactical options and straightforward speed of play. I credit the maps, which are carefully crafted, and the lack of damage rolls. The fluid initiative system (initiative is re-rerolled every round) adds a surprising amount of interest.
I don't know how the game will change by adding in all the booster pack monsters — I imagine it will get a lot more crazy and complex, the way that Magic: the Gathering did. But at least as an inexpensive ($15) evening's distraction, the Starter Set gets an A.