I have the PE770ll and just LOVE it. It sews GREAT!!! does 4x4 and 5x7 which is more than enough for me. I will tell you the only con I have found is you really need to use Polyster thread. When I use Ryon it shreds. I contacted Brother and was told the machines are made for Polyster thread. Its also says it in the manuel.
Others say they can use Ryon but I can't. don't think you'll be disappointed at all. I got mine from a dealer on ebay and paid $597 with delivery. Yes it was new and came with the warrenty. I've had mine for almost 2 years with NO problems!!! Knock on wood!!