The $999.00 is the price for a brand new machine. So, please don't think you are getting such a "DEAL" on it. If the machine has been used, even as a demo in the store, you should get used pricing for it. You can look on ebay and find several Janome dealers with these units brand new in box for $999.
I do love my 300E. At the time I was buying mine I was torn between the 350E and 300E. I do wish I had gotten the 350E instead but I'm still very satisfied with my 300E.
I can use the 4X4, 5X7, Gigahoop on my unit. With a little practice, and much patience, you will be able to make any size embroidery.
It's a wonderful machine, but you do need to get a better deal than what you were offered.
Be sure to look on ebay, print off a couple of the ads and take them into your dealer and see if he can come down on the price.