I also have that model- got it in a trade on craigslist...

basically, I've got around $300 in it, with some tooling... but have been buying more tooling..

one good feature- it uses R8 collets- same as many Bridgeports & clones... so if I ever upgrade, I'll be able to re-use my tooling...

I've tightened the gibs,and the acme screws- the backlash is noticeable, but I'm looking into getting digital scales (or digital calipers) to have a DRO... then I can work around the backlash..

it's usable, and can be quite accurate- but not if you're trying to hog too much out in one pass- go slow, and it'll work... it's better than no mill at all!

there are alot of upgrades out there- all the way to CNC kits.. but I don't know how far I'd go upgrading this before can afford to upgrade to a larger mill... but then again, if I really get into it, having a mini around for some operations and/or parts could be an advantage- not having to fire up the big machine for a small job..

the other choice that's been mentioned is getting a '50s full-size mill.. but then you have to move a VERY heavy piece of equipment, get a phase converter (unless you have 3-phase power), and many times the older machines will be cheap for a reason- they're worn out & need work to make them accurate... just something to consider when looking at one...

I think getting one of these used is a good way to go, get your feet wet on machining (I'm just barely scratching the surface, pun intended ) but I find that I'm going to spend more than what the mill cost me in tooling- all depends on what you're trying to do...