Not a bad price. Basically, it will work fine as a drill press, with the added benefit of having an XY table at the base. The XY table will allow you to more accurately locate holes in pieces you might need to drill (layout ink, scribes, and punches are now a thing of the past
).
You should be able to do some very light machining with it; I'd try taking some light cuts to see how rigid it is.
As I see it, the biggest drawback is that you still have an MT spindle bore, as opposed to an R8 spindle bore, which is common on the slightly more expensive (~$1000) mill/drills. As a general rule, I never put an end mill in a drill chuck to do any milling that will have a side load. I will, however, put an end mill in a drill chuck to do simple plunges in the Z axis (counter bores, for example).
All in all, you did good. I've been toying with buying something like that for my garage for several years. Play with it and see what it can do.
Have fun,
Jim