Definitely read the reviews at
http://www.patternreview.com first.
I am not, in general, a fan of Singer sewing machines at this level of quality. I worked part-time in a sewing machine store and IMO the low-end Singers did not compare well to other low-end sewing machine brands in the store.
One thing to keep in mind is that all of these descriptions are inflated. The serger is only a 4-thread serger (5-thread is better), and most of the things it is listed as doing *any* good serger will do. For example, all good sergers have a color-coded thread path illustration on the machine for convenience. I have an older 4-thread Bernina serger and it never gives me any problems. I would be extremely hesitant to buy a 4-thread Singer serger.
For a sewing machine, I would prefer to look at new Sears Kenmore and Janome machines for that price range. I'd also check dealerships for older used machines.
It's no use getting a good price if the machine isn't going to work well. That's why I recommend checking out specifics on these models at patternreview.com before making a decision.