I have one from Aldi wthich must be about 10 years old now.
I'll have to check the specs on it, but it looks very similar.
I've recently had problems with the belt slipping, and discovered that the tension adjustment (bolts that hold the motor back) had come looose, so it was slipping if trying to use some bigger bits like hole saws.
I've now delicately re-tensionned it with a small crowbar, no more slipping belt
I've always run mine on the slowest speed, the theory being that some things NEED a slower speed drill, but nothing NEEDs a higher speed drill, so I don't have to keep fiddling with the belts, but some tasks may be slower than they might otherwise be.
I've never checked it for accuracy, but never really done much that requires precision. Sometimes I wish it had a bit more throw, and sometimes I wish it had an easier adjustment of table height, but it's much better than just a hand drill.
As a first drill press, I say go for it.
