That doesn't sound like too bad of a set-up. For factory rotors, that's not a bad price in and of itself. I assume that is a set of four rotors anyway. The pads, I might question. I would have to advise Axxis Metal Master's brake pads; They are very high quality and for being semi-metalic, are pretty gental on rotors (
http://www.buybrakes.com/axxis/apps-Lincoln.html). You might also want to look into EBC Ceramic "Red Stuff" pads, which are what I've got for my LS; they are a bit pricy (bur really no more so than the Axxis pads), but they're very gental on rotors, have almost no brake fade and low dusting.
For once, the OEM put some decent rotors on a vehicle; since the early 90's, most cars had been coming from the factory with brakes that were really very poorly designed and produced; they wore out quickly and warped even faster. These problems only compounded if you had them machined.
The biggest place for improvement in the LS is the pads; Put a good, high quality pad on the vehicle and not only will you get improved performance from your brakes (and who doesn't want to be able to stop better????), but you'll get longer life as well. When it comes to pads, don't be afraid to shell out a little extra cash; it will pay you back in yards less stopping distance!
PS... I run Hawk HD pads on my truck; they are noisy as hell, won't run them every again. Installed Standard Duty Hawk pads on my father's truck and so far they are doing pretty good. My preference however is with Axxis (currently running their organic pads on my mother's volvo) and the EBC Ceramics (red stuff). The EBC Green stuff pads (semi metallic) have managed to garner themselves a reputation of being brutal on brake rotors, so stay away from them.
...We had been up there a few months prior at which time I had the OEM pads and they didn't give any cause for alarm.