Singer is not a very good brand anymore. In the past they were great, but now they fail easily. The add you posted sound more like a sewing machine then a serger. A serger just does overlock and rolled hem. A 5 thread serger will do coverstiching.
Patternreview.com has great reviews on machines. Also, for a started serger, you might want to check out Kenmore.
Patternreview.com has great reviews on machines. Also, for a started serger, you might want to check out Kenmore.