Should I throw away my PC and go for this mac?? Please help

Hi all,
I am fed up of PC's and want to get a mac. There is one selling for £300 very close to where I live.I went yesterday to see it and it needed a bit of dusting thats it..was well kept and hardly used..Its an imac with the configuration below.Please guide me whether its a good price or is it too pricey for a 2.5 yr old machine. Do you think it ll become obsolete in the next 2 yrs?Thanks a lot
imac 2GHz Intel Core 2 Duo processor
4MB shared L2 cache
1GB of 667MHz DDR2 SDRAM; Supports up to 3GB
160GB Serial ATA hard drive
Slot loading SuperDrive (DVD+R DL/DVD+-RW/CD-RW)
17-inch (viewable) widescreen active-matrix LCD display
ATI Radeon X1600 graphics processor with 128MB of GDDR3 SDRAM
Built-in iSight video camera
Built-in 10/100/1000BASE-T Ethernet (external DSL and cable modem ready)
Two firewire 400 ports; three high speed USB 2.0 ports; two USB 1.1 ports on keyboard
Built-in AirPort Extreme wireless networking
Built-in Bluetooth 2.0 + EDR (Enhanced Data Rate)
Audio : Built-in stereo speakers; integrated microphone; optical digital audio inoput/audio line in; optical digital audio output/headphone output
DVI video output; VGA video output; S-video and composite video output
Apple remote, Apple keyboard and Mighty Mouse
here are the details of the operating system and software....
Max OS X 10.4 tiger
Comes with :
Box
Apple remote,keyboad,mouse

I would buy it. The iMac you posted will be no more or less compatible for iPhone developing than a brand-new 2009 model.
It has the Intel architecture, which is the single most important point when it comes to future compatibility. I would definitely not buy an older PowerPC iMac anymore, as with the upcoming release of Snow Leopard, these PowerPC-machines are no longer supported.
Of course iMacs can get broken, it is just computer technology, afterall. I do not get certain mac users, which apparently think, buying a Mac will guarantee them eternal satisfaction, but that is a different topic...

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