I don't think you can go wrong with this. I have the 1803, which is very similar to the 1703 and it's my favorite all-around sewing machine in the house. I loved it so much that I bought an 1802 to have as a back up!
I've quilted king-size quilts on my 1803 (though it's much, much, MUCH easier to do on a Singer 15-91) and I've made a lot of clothing on it. It has a variety of stretch stitches for sewing knits and a lot of utility and decorative stitches. The collection of attachments for this machine is HUGE and includes a monogrammer, buttonholer, chain-stitch and a LOT of different feet.
I would buy this even if it doesn't run - as good a machine as this is, $80 is a bargain. Spend another $120-200 and for $300, you have one of the best sewing machines in the world. Heavy as a tank and smooth as a Cadillac.
And the cabinets for this model will likely have a LOT of storage - when you buy the top of the line machine, you don't usually put it into the "economy" cabinet, right?
Go test drive it!