Imac buying help

Hi everybody I'm new to the forums and hope this is going in the right place. I haven't had a mac in a few years and was looking to buy a new system at the beginning of next year, but my college sent me a deal on a imacs from the school bookstore and it doesn't look like I can pass it up. Here's the deal:

Model MB322LL/A:
iMac 24”, 2.8GHz, 2GB, 500GB, SuperDrive, 256VRAM

$1318 with Applecare.

Being a student it's also good for an ipod rebate.
I know its an older model, but for the price is it a good idea or should I wait? Thanks for your help. -Jed

All seems good to me.

Are you sure it's an older model? I thought the older ones from before May 08 had 1Gb RAM?