Seems expensive to me. You can get a new, FPGA Amiga for that money, wich is faster and more reliable than an aging CD32 (cd-rom units are prone to fail).
Most games, if not every CD32 game you'll ever play, are direct untouched conversions from Amiga 500 games, some with very little added value.
So I'd save those 220$ for something like the Minimig or FPGA Arcade.
Bit harsh. Your not going to get Microcosm on a 500
