I have one exactly like that and find it to be very useful. You need to keep in mind that it is not the most rigid unit out there (quite flexible in fact) but it will do the job if you take your time. Make sure the gibs are snug on the cross slide and especially the compound which is where a major portion of the flex problem is.
Oh and one thing I recently found on mine is there is an oil fitting inside the bottom cabinet for the lower counter shaft. It is hidden behind the double pulley and on top of the casting. They put sleeve bearings on this shaft and mine ran dry as I thought it was sealed ball bearings like the top countershaft!
Your's looks like it is in fantastic shape and well maintained.