Yeah, congratulations on the ThinkPad! I've got a newer one, and one from a lower product line (R61i) but I really like it, and predict that it'll be my main mobile computer for quite some time to come. The only real bad thing I've found out about ThinkPads is that they don't run Mac OS X, but that's not the biggest deal killer ever.

Aside from the ram problem, especially if it performs pretty well, it sounds like you've got a great deal, especially if you'll be able to perform the ram slot repair yourself whenever that becomes necessary.