Seems like a great price compared to some of the other prices I have seen ! 
Yes pretty good value for your money, considering you get full computer (cdrom/hd/psu/cabinet) not just a accelerator card for that price.
Onboard graphics might not be the best, due lack graphic memory, but it should be manageable.
But is should enable 3D games to run, so its not totally useless.
And its G3 not G4, G4 has most deficiently a advantage when playing videos.
A great little computer for some one interested I think, I have not seen a lot complaints about it. I belive it was the last computer from Eyetech this might have some thing to do with it.