I think that that looks like a very solid mill, at a reasonable price.
If you've got the time and patience to make use of it, then go ahead, by all means. I totally understand the attraction of buying new powertools as toys as well
A few things to consider first.
1. I paid a proffessional machinist to make my block, its not as pricey as you might think. And if you're working on just making waterblocks for yourself, you might save money and time by drawing up designs, and paying to get them made.
Of course, you do lose a small amount as satisfaction because you havn't actually made it yourself, but in my opinion, its a fair trade.
2. Have you been making blocks for a while? My first dozen or so blocks were made with a hand drill and other hand tools. I've recently got my hands on a drill press, which helps, and it was only £20.
Bladerunner started out on a drill press, and made some outstanding blocks, #rotor makes some of the finest blocks around with a drill press. Hoot from overclockers.com makes some very nice blocks without a mill.
My point is that you don't need to have a mill to make some really nice blocks, and if you're just getting into block making ( you might have been making blocks for years, i have no idea ) then you might want to consider trying a few cheaper construction methods first, before splashing out big bucks on a decent mill.
EDIT - If you've never used a mill before, and want to have a go, see if your local college does a part time course. A friend of mine paid about £80 for a 10 week course, 2 hours every thursday night, and he got to use some really top level machines, and had proper tuition on how to use them. His final project was a spiral design waterblock. He had a lot of fun, and even ended up with a wierd qualification of some kind

( not worth the paper its written on tbh, and he's got a law degree anyway

)
Might be an idea for you though, see if you like it before you drop £600 on something you might hate.
At the end of the day, if it'll make you happy, then go for it. This is a hobby afterall, god knows I've spent that much cash on golfclubs before, and more. I spend about double that every year just on club membership.
If its fun, then why not, but think about how you might be able to save some money.
p.s. If you do buy it, can I have a go