All depends on what you expect of it.
If you think that it will be there with your 800's and that it will climb the highest hills and plow through the deepest powder, you will be very disappointed. If you think that it is a 500cc starter sled that will be fun to chuck around and climbs like a little goat on set up snow, you will be pleasantly surprised. I wouldn't expect it to take a win in a drag race, but they are a fun little sled, if you can get it cheap enough they are a great back up sled. They are not that light (i.e. heavy to lift on and off the truck) but they are fairly nimble.
I ride with a girl that has one and in set up snow (anything less than 2' of powder) it just rips, it is a fun little sled to ride. Deep powder is doable if you are following someone, don't think you will be breaking trail in 3' plus, it will struggle too much. They don't fly up the hills at mach chicken, but it will surprise you how well it climbs like the Energizer bunny - just keeps going and going. They are easy to throw around, I haven't spent too much time on her's (1 hr total probably) and I can ride it just like my other sleds, spins on a dime and carves nice, you just need to learn the style and be happy with the fun flipper.
If your riding buddies are going to be that concerned about it, get new riding buddies. Anyone of them will be glad to ride it when their sled breaks down and its sitting in the trailer as a backup. A day on a Phazer is better than a day sitting in the truck.
As for modding it - don't bother. Keep it stock, it will probably outlive you. Every turbo'd one I have seen has grenaded, they are not meant for modding up. If your intention is to turbo, like others said, get the Nytro and don't look back.
NSC