I have 2 301's that I use frequently. In fact, my straight line quilting is done mostly on one of them as it sits on the end of the dining room table almost all of the time. I have also had one or two 301's that I gave to families who had children learning to sew.
I use the Singer slant walking foot that was probably designed for a later slant model and find that it works for me. As others have said, the 301 is a speedy machine. The only disadvantage that I can see is that the bobbin has a smaller capacity than I would like (same bobbin as the 221 FW). The light doesn't burn as hot as the FW light, and it is steadier on the table, so those are advantages. I wish that it would zigzag, but my Pfaff 130 does that, so I don't need that feature on the 301.
Nostalgia is a wonderful reason to get a vintage machine. It draws you closer to your roots.
A website with some interesting information on the 301 is Singer301.com.