Welcome to the Quilting Board!

The Sweet 16 Yahoo group has a huge amount of information on all aspects of using this machine. I have found it extremely helpful.
http://groups.yahoo.com/group/HQ_Sit_down_Model/
The Sweet 16 is my dream machine (and I am a vintage freak). I had the opportunity to have a "play" with one at our annual Quilt and Craft Fair. As soon as I can save the $6,000.00 I need to buy one new, I will.....mind you it probably will be vintage by the time I manage to do it.
I bought a used HQ16 almost 3 years ago. It works wonderfully. I've had some 'not so fun' days with it, but it usually turns out that the problem is ME, not the machine.
Mine is paired with a pcquilter and a frame, so I do not do free motion quilting.
Ask about the maintenance of the machine before you purchase it. Like I said, I've had no problems with my HQ16, but it was well maintained before I got it.
The person I bought it from was upgrading to an HQ Avante - which made me feel good about the reputation of the company and the HQ16. I figured she wouldn't upgrade to another HQ machine if the HQ16 was a lemon!
In my area they sell for around $4,000.00 new with waranty, table, bobbin winder etc. Hope this helps you decide if the price is good. Either way you will love it.
That's an awesome price - you did great! New they are more than double that. I would have gotten it for that price. I ended up buying a Tin Lizzie sit down for a few different reasons but for $2k, I would have bought the Sweet 16. I think you'd like it better than the Bailey to be honest with you.. and yes, you can convert it to frame use if you want to.