Save ya money, i bought one like this from Aldi of all places for about £40.
It's great for the moon and planets, but you get too much 'spherical abberation' to look at distant stars (when the blue and red look all blurry).
I'll never forget the first time i saw Saturn, it blew my socks of...it was like some huge cosmic eye staring right back at me...Jupiter is ace too, you get to see at least four of the moons if they are in the right position, and the big 'red spot' and two concentric lines of weather systems.
Though as Suave says, you do just as well with a set of 10x50 bino's....you might pick these up cheap on ebay...nobody seems to buy Bino's.
On a passing not, Toys R Us, Argos or Index should do something similar for about £50-60.
Reflector vs refractor, not sure on this one, mines a reflector with a 6 inch mirror (though I'm told you shouldn't plum for anything less that 7"...oh er missus) I can't complain, mine works fine, and came with an amazing CD rom programme charting the night sky from anywhere in the world from -9999 years to +9999 on any day of the year...the kids love it, loads of info on stars/planets and constillations.
Sky's are best in winter. We are in a big, well illuminated city, and the stars and planets are still easily visible. The sheer amount of stars visible out there is truly breathtaking.
Anyway, hope this helps.