Just a few notes here. And I don't mean to jack thread or put anyone down. So far this service seems to be getting high recs.
At this price range for the specials its not uncommon to only accept Paypal (or similar). For only $6 for the year you're not risking much (monetary) but you don't have much recourse if there are issues.
Obviously this server (or pc as server since only specs were given, dual drives but are they SCSI and what is the capacity? Is this a windows or linux based hosting?) is being hosted at a data center which is a good thing. Other then the monthly charges for the hosting and services provided the only other expense will be bandwidth.
There lies my concern. Most hosting services that I would use (and currently use) specify the number of accounts per Server/CPU. Industry standard is anywhere from 16 to 64 accounts per CPU. At at 3Ghz level a minimum of 2GB/4GB per CPU is normal (you have to take into account normal server overhead and hosting related overhead).
Since no specs on minimums/limits where given (and no mention of how the resources are being managed.) this seems to me like a typical over-selling service. Which is normal for this type of offering, I don't want anyone to think otherwise.
What basically over-selling a server is when you sell more accounts then the server could normally manage if they were all active at the same time. EX: A server with a single 3Ghz Proc and 1GB of RAM with 93 accounts on it would be dedicating 32Mhz of CPU and 11MB of RAM to each account (this does not take in normal server overhead). Doing so relies on the fact that most accounts of this nature only use a part of their allocated resources and get very few "hits". This normally works out fine but expect problems during "peak" use times.
For what these types of accounts are this isn't necessarily a bad thing if you don't have high expectations (high SLA, etc...) and know what you are getting into ahead of time.
Having said that some of the smaller hosting offers are very good. As somone posted doing research is key, I would suggest checking out
www.webhostingtalk.com.