All true so far, but Compaq is HP's low-price brand name, and $300 ain't bad. If it lasts for 2 years, BFD, get another, at that price they are almost throw-aways.
Compaq/HP stands by their products. To get rid of stuff that comes pre-packaged, just right-click (in XP, I think it still applies to Vista) and select properties. That will tell you where the programs are hidden on the hard drive, and you can just delete them and the icon. Better yet, get a neighbor kid to do it for you if you feel challenged on this.
The main things they will scrimp on is video (low-end, no high-tech games or video for you, like blu-ray), a smaller disk (160G is small these days). 3GB of RAM is also marginal for Vista, but should do the trick. All-in-all, not industrial strength, but adequate for day-to-day consumer use like email and DRTV!!!!
Congrats, and enjoy it.