If you can, purchase the 510 instead of the 500.
The 500 doesn't have the clear oversheet that all the excess glue sticks to. I have the 500, and around the edges of the diecuts you will get a rim of excess glue. I use a glue eraser to remove but if the item has torn edges or you already chalked the piece it can cause a headache.
It works fine for vellum but not small punchies. I tend to run a scrap thru and then use my punch to cut out the pieces I want. I then save the already glues scraps for another time.
Remember too that it only accomodates 5" items, if you want it to glue larger pieces you will want a bigger model.
I do use it alot for my kids school projects, it saves alot of time when making collages.
Also refills are expensive and don't go far so save those 40% & 50% coupons.