It's fine, for repetitive or slow signals, think power supplies and audio circuits. For more demanding applications, it has neither the sample rate (10MS/s) nor the memory depth (500 points) to be useful. It's a bit like an analog scope, except the display is not intensity-graded, so forget about XY mode or amplitude-modulated signals. It's an extremely limited instrument but a lot of times you don't need sophistication.
These are old, so expect to have to replace the Dallas block and recap the power supply.
The single-knob user interface is widely criticized, though I think it's quite good. I used its faster 6-bit sibling 54502 for a few years.
$45 is not a bad deal for a basic scope like this. But the DHO is a completely different ball game and worth every single penny.