I looked at this year's Arbor Formula as my first / entry level board. New Formula's are retailing for $300 and I know EMS is having a 20% off sale.
So...you could get a new Formula for $240 or less or get this one that is a year or two old for $200...just wanted to throw out the options...
As for the Formula, I almost bought it - ultimately, I went with the Arbor Alt. I wanted a board that would provide a bit of a challenge today, but that I could grow with for four or five years. Arbor is known for making great boards, but I don't think the Formula really incorporates all the goodies that make an Arbor board and Arbor board (no StrucTurn Finish, has an extruded instead of sintered base, cheaper wood core, no fiberglass...)
If money is a key issue than the Formula is probably a good entry level / beginner board (although there might be better boards for $240). If you can swing another $160 and are willing to take a bit of beating for a few weeks I'd recommend going with something a bit more challenging and higher-end.