I just bought the tan one like it this week. As far as I know, that one is a 301 or 301A. Mine is a 301A. 301s were made in New Jersey. 301As were made in Anderson in the Carolinas. That is the only difference. Can you drop the feeds? Yes? Will it FMQ? I don't see why not, though I haven't tried. It had better - that's what I bought it for. My new little lady has a beautiful stitch and I love how you can manuever the fabric aound even with the feeds in place. They came in tan, black and a two tone cream and taupe. The tan and the black can have either a short bed or a long bed. Mine is short like that one.
Is it worth $150? I paid $60 for just the machine and she arrived cleaned and all ready to sew with a new cord and foot. I'd pay more for one in that cabinet. I love that cabinet - the color, the shape, everything about it.