I have an old Featherweight, and it's great for what it is, but I sure could get some fun out that new one, too. I saw it in the Jo-Ann's ad, and resisted only out of financial considerations. I'm sure you'll get years of use out it it.
Personally, I don't have a problem with them capitalizing on past triumphs by recycling the name "Featherweight", as long as they have built this product to live up to that reputation. Only time will tell.