I have one and really like it. It's very sturdy and it does fold in on itself to make a cabinet. It has lots of storage areas and one side has deep shelves. My sewing machine sits on top of it, it doesn't have a recessed area to put the machine in. When I piece, this isn't a problem. For machine quilting, my DH made a platform out of insulation boards and plastic so then the machine is level with the surface.
I got mine at Walmart about 2 yrs ago for about that price and I'm pleased with it.