For what it's worth, Sam's Club is selling a Kegerator for $473.
Now for that price, you get the fridge with an LED Temperature display, 5# CO2 bottle and regulator. You will only need to get the proper keg coupler depending your what commercial beer you buy.
The chest freezer route will cost you.
$188 for 7 cu. ft chest freezer
$55 for temp controller
$57 for 5# CO2 bottle
$38 for single gauge regulator
$15 for beer line and gas hose & clamps
$35 for shank, faucet and tap handle
$7 for lumber & screws for a collar
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Total $395 for the freezer version (not counting the block & tackle needed to lower the 160 lb. weight of a full 1/2 barrel of beer).