It's a T500, yup, it's a tonewheel with a drum scanner vibrato, solid state preamps and amp instead of tube/valve preamp.
It depends on the area whether it's a bad or good price. Some areas give these away free while selling M100s or M3s for less than $100.
Mine sounds great for rock after heavy mods, originally it sounded extremely pure... clean, the very highs and lows are filtered out, as is the drawbar crosstalk.
I've just read in another thread that hammond did this universally in their later builds, the older consoles were a bit raw and grungy.
If you want to hear a modified T500, here's mine, without added overdrive but pushed to the limits:
http://cid-0d7741cc63af1adc.skydrive.live.com/self.aspx/Public/God%20rest%20ye%20-merry%20gentlemen5.mp3
or with distortion added:
http://www.youtube.com/watch?v=cvqDUBcteN0
http://www.youtube.com/watch?v=tSXI5hXkg50
I can find some earlier recordings before I really got modding if you'd rather hear it more original!
Cheers!
-Brendon
1970 Brendon T. Wright
1959 C3
1975 T-500
1992 Korg 01W/fd
1994 G&L S-500