Playstation 3 1st Generation

I'm thinking of buying a 1st Gen. Ps3 since I do not own one now. It selling for 150.00 with 7 day any reason return policy. It is 60gig 1st gen backward compatible. I'm not as savvy with the new systems and want some advice. Is this a good deal or should I buy a new one instead? Am I missing out on any features besides storage? I have a time constraint so any suggestions would be highly appreciated.