powermac g5 question

So I found a powermac g5 used for 350.00 and was curious if it would be worth picking up.

Here are the specs I would upgrade parts here and there.

Processor: Dual 2.0gHz Single Core PowerPC 970fx (G5) Processors
RAM: 1.0GB RAM (4x256MB) PC-3200 2.5v, unbuffered, 8-byte, nonparity 184-pin DDR SDRAM
Hard Drive: 160GB Maxtor 7200RPM SATA Hard Drive,
Graphics: ATI Radeon 9600 Video Card with 128MB VRAM with 2 DVI Ports (Supports Dual Displays).
Optical Drive: Pioneer DVR-109 Dual Layer SuperDrive (watch/burn DVD's & burn/play Audio/Data CD's).
Modem: N/A
Bluetooth: N/A
Airport: N/A
Ethernet: 10/100/1000BASE-T (RJ-45)
Audio In: 1 - 3.5-mm analog input jack, 1 - optical S/PDIF (Toslink) input (24-bit 44.1 kHz sample rate)
Audio Out: 2 - 3.5-mm analog output jacks, 1 - optical S/PDIF (Toslink) output, 1 - Built-in speaker (24-bit 44.1 kHz sample rate)
USB: 3 - 480Mbps
Firewire: 2 - 400 MBit/s, 1 - 800 MBit/s (15W total power)
Expansion Slots: 2 - 100 MHz 64-bit PCI-X and 1 - 133 MHz 64-bit PCI-X, 1 - 8x AGP Pro
Expansion Bays: 2 - Internal 3.5" Serial ATA drive bays, 1 - optical drive bay
Hard Drive Bus: 2 - 1.5 Gbps Serial ATA (SATA) controllers
Software: Mac OS X 10.5.8 (Leopard), iLife '08 (iTunes, iMovie, iPhoto, iDVD, Garageband, iWeb),
Safari, Apple Mail, iChat, Appleworks. (No disks included)
Included Accessories: Power Cord. No other accessories included.

I have a iMac 3.06 mhz intel core2duo with 16gb ram and a 1tb hdd.
Id like to move that into my bedroom and put the powerpc in the office but im new to the G5 platform or macpro if you would put them in the same category.

Any guidance would be appreciated as I cant afford a new macpro.

 

Thanks for the reply. I was planning on upgrading the ram and deff the hard drive can imagine having a desktop with less hard drive space than my mb. For the price would you say its a good buy or should I hold off and see if i might be able to find a newer model in my price range. I do very minimal video editing and mainly rip backups would like to use it eventually for all my movies.

 

Thats what I needed to hear. I probably keep looking then just wanted to get a feeler from here. Like I said I really have no experience with these models of mac so ill take most advice with open arms.