I much prefer my 301 over my FW. One of the main reasons is the slant needle, which makes the stitching action so visible. I recently sewed on a nice new modern machine and noticed that it and others have the needle tucked back so far that I almost have to stand on my head to see it.
I love my 301. The feed dogs are narrow, and I understand that there is no walking foot specifically made for them, but I have a slant needle walking foot that operates perfectly on it.
Prices vary. I got lucky and found mine for $20 at a garage sale. Her name is Sissy (big sister to FW). My second one was purchased at the estate sale of a sewing machine repair man. It was $25 or $30. It worked fine, but had been stored in a shed and was extremely dirty. I cleaned it up and eventually gave it to the neighbor girls who sew with me. That one is named Missy.
As far as weight goes, the 301 is a few pounds heavier than a FW, but still light enough to be ideal for carrying to classes.