$75 ?!?!?! Why aren't you there with cash in hand right now?!?!
In all seriousness, it does most everything a good table saw will do - it will cut slots in the fretboard (albiet easier without having to make a jig), it will cross-cut with a perfect 90° angle, and it makes a nice workspace with the arm swung out of the way. Those are my 3 main uses, and if you are already used to doing all that with a table saw, then there's probably no need for the radial arm saw.
The main reason I like it better than a table saw for slotting is because #1 I can see what the blade is doing, and #2 you can slot fretboards with a radius, they don't have to be flat like they must be for a table saw. With deep slots in very hard woods, the blade will have a tendency to grab and run the saw toward you (in the same direction you're pulling), but with the newer saws this is countered with a cable that is supposed to let out slowly and prevent the saw from running away (the handle has a trigger that has to be held down otherwise the cable won't feed out). Mine is a bit older and doesn't have this feature - just a jury-rigged spring.
Since getting one, I find that I now use a table saw only for ripping long boards. Yes you have to be careful that you don't cut your fingers off, but what else is new?