I've heard it's performance is disappointing compared to the F-717, which was very highly thought of for a P&S. Apparently the pics are a little noisy and the colors aren't great. There are numerous sites on the internet that have detailed reviews, like Steve's digicams, Imaging resource, and dpreview. Those places should be able to give you a lot more information than what you can get here.
The other comment I would make is that because it uses such a small sensor, you won't get as narrow of a depth of field as you'd get with any DSLR. This makes the camera not exactly ideal for glamour shooting, as it will be tough to isolate your subject from the background.
This all depends on what you want to shoot. Personally, for $1,000 I'd take a look at a Digital Rebel or maybe a Nikon D70. A used 10D in good shape might be in that range also, not sure.
Just my thoughts. I don't claim to be an expert though.