The machine itself is not bad, but the smaller frame really needs to be understood or you'll end up frustrated with the purchase. I would see if you can get credit/swap with the larger frame, especially if you're used to a traditional frame setup.
This small frame has been discussed on the board in recent months. One of the advantages to a traditional long arm frame is that you don't have to baste up a quilt sandwich. With the 5' frame of the Simply Sixteen, Brother Little Foot, and Babylock, you still have to baste, plus now you have to clamp and unclamp the quilt multiple times. The latter isn't all that easy and you aren't able to avoid basting the quilt first.
I would lean more towards a sit-down and large/expandable table if space prevented a 10' or 12' frame or asking for credit towards a larger frame with the machine.
Also take a look at Q'Nique's/Block RockIt's 21" Titan model and compare pricing (and try both it and the HandiQuilter out to see which works best for you).