Lots of good advise here already, so I'll just give my review of the Red Stag. I had the 3pc Red Stag and it's a nice bow, and I can't imagine getting more bang for your buck. The finish was good, not custom quality, but good. It shot great. So nice it surprised me. I got it for a beater bow/back-up, maybe bowfishing. It shoots fast, accurate, and very quiet. I loved it. I'd still have it but I decided the troops in Afganistan could use it more that me. I'll probably get another for myself. I also have a Samick Night Hawk, which is a higher-end Samick, about $300 or so. Now the Night Hawk has a custom quality finish and is also a first class shooter. I just got a second set of limbs for it in a lighter weight. Both bows have excellent grips, the fit is great. The Red Stag is just a little smaller.
As stated earlier, at the price point of the Red Stag you would have bucks left over for gear. When you have more experience and know what you want and buy custom, it would make a good back-up bow, or loaner for when you shoot with friends. I wouldn't hesitate to hunt with it. The 3pc bow also gives you the option of getting heavier limbs if you move-up in weight.
I can't compare it to the other bows as I haven't shot them.
Whatever you decide I hope you enjoy it and shoot it well. Good On your parents for supporting your new hobby and have a great Christmas!