I assume you'd get what you paid for, but that's the idea at Harbor Freight. My guess is the thing would be fine for spot welding and little projects or fixes here and there. Mild steel only, probably nothing over 14 gauge. However, the bead, if it can produce something considered a bead, would be pretty ugly with lots of splatter. Pick up a Chicago angle grinder while you're there, you'll need it. I had one of their angle grinders, lasted for a year or so with light use.
I much prefer the cheap stuff from Northern Tool over the Chicago from Harbor Freight. Costs a little more but a notch up in quality, usually.
I have used a 110v Miller machine and it did a good job on light stuff. Used the 75/25 gas though. I have a 220 Miller in the garage on gas but started with flux core until I could buy a bottle. Difference between flux core and gas welding is night and day. However, if you're good with a grinder you can clean up most things. You can also get the spray that helps the splatter and slag brush off easier.
My summary would be get it if you don't intend to do much more than spot welds and minor repairs, and not be upset when it dies. If you want to actually use it for creations then look at the other 110 units that have a gas option. You should be able to weld standard (14 ga) square tube and angle iron (1/8"). Welding can be fun and pretty slick, but trying to learn to weld with a POS will lead to frustrations that would discourage anyone from a new hobby.
[This message has been edited by Biz (edited 11/14/2013 8:10p).]