Yeah, there are very few people here who would pass on a 401 for $50. I use one for my main machine, and it's great for piecing. I use a leader and chain piece, especially triangles, because it saves thread and helps with the tendency for this and other machines to swallow the tiny little point of the triangle. It doesn't happen if you use the straight stitch plate with the one little hole instead of the zigzag one, but I always use the ZZ one because I always forget I have the SS one on, switch to zigzag and WHAM! broken needle pieces flying through the air. Plus the sound is loud and unnerving. But that's just me, lol.
As far as quilting, FMQ or otherwise, I think I've done some with the walking foot on this, but not FMQ. The needle plate lifts up, rather than the food dogs lowering.