I would tend to say yes if it is in good working order. A comprable Jet is about three times that amount. Now the question is it big enough to do a good job in your shop. How easy will it be to get filters for it and what do they cost?
I had a Delta cleaner that I didn't use because of the NOISE it made. Eliminates ability to listen to music, the ball game, etc when it's running.. I dont know if the Ridgid are that noisy, however.