I'm going to just copy/paste a response of mine from a similar thread. I know you aren't looking at CNC necessarily, but I think it's something to think about.
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A lot of the FRC parts that need CNC work tend to be sheet material. To that end, a CNC router can be a very good choice. Compared to a mill they're very cheap, and they have large work envelopes for doing panels, belly pans, etc. They're more accurate than plasma, and cheaper than waterjet or laser. They're also more versatile than those machines, as they can do "2.5D" work like pocketing, counterboring, champfering, engraving, etc. Also, you can build one yourself, they're not exceptionally complicated for FRC-trained people, as long as you put in the research time (CNCzone.com is your friend)
I'm currently designing a (pretty hardcore) router for BadgerBOTS, I'd be happy to share my CAD files, design notes, expertise, etc. with anyone interested (Just keep in mind that we're fairly early in the project).
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Now, if the machine you linked to is about the limit of your price range, you'll likely have a bit of trouble getting into a good router. But I've just found that most of the parts we want to mill end up being sheet material, and a router will get you more work area for the price. Just something to keep in mind.
I haven't used anything like that little Grizzly, but just from the specs it seems like a decent machine. Just keep in mind that you can't expect too much from it, it's not going to have the accuracy or rigidity of a larger machine like a knee mill.
If you can save your money and get a nice used knee mill (bonus points for a DRO), you'll be much better off in the long run.