Thanks for the advice! I'm looking for an all-rounder really. I've done quite a bit of XC but I've started doing a bit more downhill. Not much jumping. I don't want to abandon XC because it keeps me fit, and I can't afford 2 bikes! I certainly can't find anything else this good for this price brand new, and most others on ebay look like the've taken a good hammering.
It may fit the bill then, but as Kato says it's not worth £400. Anything you buy will be a compromise if you want to do DH & XC. Have think about what you'll do most of then you'll have a better idea of what will suit you.
I wouldnt touch it with a tungsten-carbide barge pole personally. If the bike's for all-round use and you're not dropping any huge jumps I'd start of with one of the below (probably the Giant) and build it up.