I have had my Imagine for about 3 years now. Found it on eBay. I LOOOOOOOVE IT!!!!!!!
It is one of the easiest to thread because of the puff of air that shoots your thread through the proper channels. I'd never sewn with a serger before this and now I don't know how I did it before. I don't use it for quilting, tho' I could I suppose as I do have a how-to book, but I make costumes for the Renaissance Faire and most of that is one size fits most, it's a great way to finish seam edges on fabric that wants to fray while sewing the seams. All in one step. I also have the extra feet and I love how the ruffling foot helps with gathering of sleeves and cuffs.
I even made my daughter what we call an "elf coat" out of wool sweaters, shrunken and dyed, cut up in strips and then serged back together with the seams exposed to the outside. Lots of work but she loves it.
The Imagine doesn't do a cover stitch but I haven't really missed not having one. And I'm not 100% happy with the way the hemming works, but that could be me as I haven't tried that much.
Hopefully your friend has the instruction book and you can check it out for yourself. Spend a little time actually trying out all the options and you may find you can't live without it.