I swear by Mackie boards, and they're all i've used for years and have proven themselves to be reliable workhorses.
I have a 1202-VLZ in my main rig, which would have been the model after yours.. they made a VLZ Pro afterwards that is supposed to have improved mic preamps.
Provided they didn't hose you with some outrageous shipping, and all the channels work, i'd say $25 for a 1202 is a solid buy.
No built in effects, but I gotta be honest.. i've never been a big fan of built in effects on anything.
Here's a link to the manual in .PDF
http://www.mackie.com/pdf/archive/ms1202_om.pdf