Create Product record with Standard Price in APEX

Post API 24, we have to create all our data for test classes until we set SeeAllData to true. http://www.salesforce.com/us/developer/docs/apexcode/Content/apex_testing_data_access.htm

However you cannot create OLI or PricebookEntry without setting SeeAllData since you cannot create a default Pricebook using custom code.

 Pricebook2 pb = [select Id, IsActive from PriceBook2 where IsStandard=True];

 Product2 p1 = new Product2(Name='Prod 1', Family='Container', Description='Prod 1 Description');
 insert p1;
           
 // Create a pricebook entry
 PricebookEntry pbe = new PricebookEntry (Pricebook2Id=pb.id, Product2Id=p1.id, IsActive=true, UnitPrice=100.0);
 insert pbe;