FMQ is free motion quilting (using the darning foot, feed dogs down).
If this machine were here in Aus. it would go for way more than that....probably around $150.00 plus. However, it's not, so I will leave it up to your fellow Americans for a more realistic opinion. Smitty is right, they have really messed up the cabinet, the paint job is very poor, to bring it back would need quite a bit of paint stripper and a lot of elbow grease. Personally I prefer my vintage machines in original untouched condition, even if a bit "rough". At least you don't have to fix what others have dabbled with.