ok, i've been scouring a bit, i want a milling machine and found this locally. good deal or no? i couldn't find a whole lot on it.
http://omaha.craigslist.org/tls/5641150444.html
http://omaha.craigslist.org/tls/5641150444.html
The question implies that you're a hobbyist and think that machine will suit your needs, at least for the near term.
If the stuff isn't trashed/crashed (I think it looks OK in the photo) and everything works properly, you're getting a lot to work with for $500. One question; the listing refers to "#8 collets". I hope they are "R8" collets (same as most Bridgeports & clones). Many of those type machines use Morse Taper collets which are less common and less desirable IMO (I don't see any collets in the photos).
Anyway, for $500, you should be able to resell it for that if you ever want to upgrade.