That's pretty cool. As long as it's good and stable, that's an awesome deal.
Last summer my gym was empty just about all the time (college gym) so I didn't have anyone to spot me on the bench. I'd grab one of the movable flat benches and throw it in the cage and set the pins to save my ass if I hit failure. The bar could rest on my chest without touching the pins, but all I had to do was move it over my neck and I could slide out from underneath. If I had a setup like that I wouldn't need my college gym. I have a feeling when I graduate I'm going to have to get my own equipment as I won't have all the free time I do now to lift.