I don't know about the NM, but this is the current Grace EZ3 frame:
http://www.graceframe.com/site/handframes/ez3
Looks like a great price, especially if it includes all 3 sizes of rails. Have you quilted on a frame like this before? I prefer a lap hoop because it allows me to change the orientation of the quilt. That way I can always quilt in the direction with which I am most comfortable.