It does fabulous as a smoker! And, boy, people's eyes pop when they see it, unlike any other grill you might have!
I have done 24 slabs of ribs, whole hogs (~50 lbs), and 6 packer briskets at once. For the 6 briskets, I used 2 Weber warming racks, and laid an oven grate between them, creating a second level. Turned out great.
And yes, for $200, you should buy it just on principle. I wouldn't even quibble about the price, I would just go grab it as fast as I can, almost regardless of condition. It would have to be a complete basket case to not buy it!