For $17.00 a working EM is a steal!
They're essentially point and shoot film cameras that accept interchangeable lens.
For me their greatest drawbacks are the lack of a Metered Manual exposure mode and a Depth of Field preview ( although I believe you can get around that problem by slightly twisting the lens as if removing it, which will stop it down to the taking aperture).
I think the EM was originally designed for those who wanted a bit more than a fixed lens point and shoot to take snapshots without having to learn much about photography to do so, or wanted a relatively inexpensive way to get into the Nikon system by matching this body up with the series E lenses, and in that respect it was a successful camera.