I understand the appeal to working out at home. It's quick, fast and convenient. You don't need to travel anywhere and you save money on a gym membership.
However, no piece of at home gym equipment can even come close to the quality of workout you can get at a commercial gym. Each individual piece of equipment at a commercial gym is around $3000. The quality is night and day compared to an 'at home' all in one workout system. Not only that, in a commercial gym you have access to a huge assortment of free weights, cables, machines etc so you have so many different tools to work with.
I would buy a piece of cardio equipment so you can do your cardio at home but I would keep your gym membership. You only really need to train with weights 4-5 days per week.
A gym membership also makes working out more fun and social. Working out by yourself in your basement can get boring.