My stepfather built an entire house with a saw exactly like that, so it can do all kinds of work, but they were underpowered, and the table top was pretty small.
When that was made was at a time when a table saw was one of just a handful of power saws available. You had a table saw, a circular saw, maybe a radial arm saw - but they were very expensive - and possibly a jigsaw.
Today you have a sliding miter saw, a circular saw with a long clamp or even a track, a sawsall, cordless tools, etc. - given those, my table saw sees fewer and fewer uses every year.
But for some uses a table saw is still pretty good. Ripping long boards, or crosscutting very wide boards is where it shines.
If you have a need for one then you aren't going too wrong on a $100 table saw. I would think you could find a much newer craftsman or delta for about that with a 10 inch blade a larger table and a more powerful motor for not much more. I've seen Shopsmith's going for just a couple hundred dollars recently.
Personally I would always buy a good sliding miter saw with a stand before a table saw. I've thought seriously about getting rid of my table saw, they take up a lot of space for no more than I use it.