Far too few spokes for what must be cheap wheels. I wouldn't trust them. The rims in the pic look bad, and having a painted braking surface may look nice out of the box, but will look appalling after any serious braking.
Saying that it looks far better than I expected, and for a new rider wanting to try a fixed gear bike is probably perfect if you're on a budget, and it could lead them to investing in something more expensive (when it falls apart).
I was expecting track style bars to be honest.
Argos have clearly spotted a gap in the market, for low cost cycling on what they probably see as a fashion bike, and they know that their customers like a bargain. It's got a year's guarentee, so you should be fairly well protected when it falls apart. Whether it's a BSO or a stroke of genius by Argos is anyones guess. However, I wouldn't touch it with Smokeysmoo's barge pole.