M500 is very solid and prices have dropped a ton recently. I just bought the 120GB GB drive and it arrived today, so I haven't installed my OS on it yet. But, it seems like a great buy.
It is definitely a good buy. I suppose it will feel better than when you first got it, unless with a new one you mean a current laptop.
I'd recommend you get more RAM too, because 2GB is pretty tiny these days.
1) Yes
2) No, but it will be snappy on boot and when you open programs.
Thanks for the answers yeah I'm going to upgrade the memory too, hopefully it's not that much more expensive than normal ram for PC's. I bought the 240GB because it's faster than the 120GB version