I have had one of these since the late nineties, and it is the best shooting factory 22 I have ever owned or fired. I have been fortunate and not had a lot of magazine problems, and as far as I can remember is the only regular gripe about these rifles.
I paid a bit more way back when I bought it, but it came with a Tasco scope, Weaver rings and a brick of ammo. I have used it in factory form for a long time now and like it a lot better. All three of my kids have Marlin Model 60's, which I like as well, and also make a wonderful first gun, but overall I like the Remington much better.
Keep in mind my rifles is an older model, so it doesn't have the built in trigger lock, I have heard a few complaints about that, but am not sure if they were valid complaints or just people who don't like the idea of having something like that forced on them (I don't like the idea of it myself).
At $119 these days, that is a great price, on a great rifle.
ETA: To head it off at the pass, I have fired and owned many Ruger 10/22 rifles, and while I like them as well, they just aren't as good right out of the box, they aren't as accurate, and aren't any more reliable. The difference in accuracy is noticeable even to a novice marksman. Yes, the 10/22 has more aftermarket support than any other rifle in the world, yes you can spend two grand and make your 10/22 a real tack driver (you can also buy an Anschutz for a grand and have the same as well). There are lots of people who will not own any 22 besides the Ruger, and that is their right, but it won't change my opinion, the Remington 597 is a better gun out of the box.