That is OLD. First gen i5, which doesn't even play on the same field as the 3rd and 4th gen current models. It is pre usb3.0 and putting this amount of money plus $100 would net you way more computer power.
That said, these thinkpads are extremely well built, and if processing speed isn't your great need, and you need something solid that will just be there all the time, this wouldn't be a bad deal at all.
Just depends on what you need.