I second everything said. It may come unthreaded when using the thread cutter. I only use 2 holes in the thread guide and that is fixed.
It does drink oil. I use regular sewing machine oil and just drop it in all the little holes as illustrated in the manual. I can sort of tell by sound if I've been slack about oiling.
All in all I love this machine. It has the biggest throat space for a price I could live with. My FMQ is coming along nicely with it.