I don't think because Singer is calling this machine a featherweight necessarily means it is of the quality of the antique ones everybody pays big bucks for. I saw it on ebay as well and thought that it was just another cheap Singer machine that they decided to name featherweight. Its looks plastic, not metal. There are plenty of lightweight machines out there that weigh less than 12 lbs. This one is not the same as the black or white ones from the 1930's to 1964.
I would pass on it and pick up a cheap Brother machine for classes.
I think there are 12 bids because people are thinking it will be of the same quality and as collectible as the others.