Go for it pHaestus!!!
The price is good, and BillA is right, it shakes like hell. As for the depth precision, it seems to me that I was lucky, cos' I can be sure into the depth of the hole in approx. +/- 0.5 mm, and g.l.amour reported his drill press cannot be trusted for 3 mm in depth 'precision'...
I also managed to drill almost 2" (4.5 mm) 2 mm dia holes in copper (actually, drilled a whole row of holes making the xyinn's kinda block, started another row and snapped the bit, but that was in the beginning and I was too excited and in a hurry to make the block...)
Try to fasten the drill onto the heavy and steady surface to reduce the shaking of the drill. Mine is still fine, although I used mill bits and my hands to mill some channels in blocks I made, and the ball bearings are still fine. For that price, it's better to have one and make some good stuff!
Ofcourse, post lot's of pics!
Good luck!