Is it the MKII? Either way I think that's a great price in very good condition. Put a tape in it and test the record and playback on each track.
One of the easiest ways to do this is bring in one of your favorite CDs, then record stereo (two tracks at a time) then play it back. While you're playing it back fiddle with the EQ and levels to make sure they all work.
This is a lot easier than tying to describe headwear in a forum. Also ask questions about how many hours are on it, if known.
I’m not intimately familiar with the 488, but I’m sure someone will be along with more specific pros, cons and known issues.
-Tim