I hope it's better than it's predecessor (model 7242). I bought one and consider it a toy grade machine. The motor burned out after cutting about 20 3.5" holes (I set the spindle speed to the correct RPM for each hole saw size I used). I now have a much better unit from Ryobi, #WDP1850. It's also rated at 1/3 Hp but the motor is about 4 times the size of the (alleged) 1/3 Hp Chinese motor on the Central Machinery (Harbor Freight) unit.
good luck
Jeff