Wow, that's a tough one. One part of me wants to be honest (I've been a machinist for ~20 years) and tell you that the mill is a total POS and that you shouldn't buy it.
Another part of me says you should just go for it. If you have had no training and have never done any machining before, then it might be a good way to learn. Be forewarned though, that once you learn a bit and try to do any real machining with that thing, it will quickly grow tiresome. No rigidity, your surface finishes will likely suck, and it will be tough to hold any sort of tolerances. (That is being said with no idea what you actually want to make with the thing
)
One suggestion: sign up for a machining class at your local JC. This way, you'll get some training and the opportunity to use some real iron. Plus, most instructors encourage you to bring in personal projects, and you should also be able to take the class multiple times. Think of it as a way to inexpensively "rent" a machine shop for a while, and learn while you do it.
Last thing: Used machinery is dirt cheap right now, as many shops are going out of business and/or going all CNC. Check out some local machinery dealers, auctions, and ebay.
Last (last) thing: I bought a used 9x42 Bridgeport clone a few years ago for $700 with some tooling off my boss, and it really doesn't take up much more room than the one pictured. Just food for thought.
Oh, and have fun. Machining is very addictive (and very fun!)
