You're right in the ballpark on price; my R was in near mint condition when I bought it at $295 with a nice, matching (black) Jupiter-8 (which I love).
As far as functionality, I love the meter set-up, it's similar to the over/under arrows of the Yashica Electro's, but has a center LED for spot-on exposure. It makes it very convenient for a hobby or non-professional shooter to manipulate exposure compensation, say, for backlit subjects and to maximize color representation in low-light settings.
Even though there are no "cheap" quality lenses for it, there are plenty that are of "cheap quality" if you get my drift. Unless you have the LTM lenses already, they'll be the most troublesome part of the deal IMO.
ALSO - easy RF infinity setting just under the accessory shoe. Sweet.