Besides all the great comments before, parts are still being made for these over 60 year old machines... which is a HUGE consideration when working with an older machine.
My FW was given to me by my aunt for my HS graduation. She was a teacher that used it because it was perfect for making books of papers for her classrooms (only machine that could handle papers or upholstery or thick stuff). She replaced it with a Bernina and within 4 years was wishing she could get the FW back... too many problems with the Bernina.
I FMQ queen size quilts without too much trouble - just have to figure out how to fold it enough times to get in the throat of the FW. It is the only machine I use these days. In the last 6 months I've made and quilted 6 community quilts and 3 personal quilts (most about 50" by 70") without a hitch. My only challenge is there is no zig-zag (which is mostly needed for edge finishes and applique), so I just don't do those types of quilts.
ENJOY it! Hardest thing about the machine? Remembering which way to put the needle in the machine (which can cause all kinds of bobbin problems if not done correctly).
Have fun with it and let us know how it works. Just don't expect the speed of the newer machines - it's quite a bit slower in stitching, but it just keeps on ticking!!!