Well I went and looked at the Janome 550 recently.  I got sidetracked when the dealer showed me a Bernina 830 embroidery machine they had taken in as a trade .  I was immediately impressed with all the bells and whistles and normally don't impulse buy thought I was getting a great machine pretty inexpensive
Anyhow to make a long story short, found out this is a machine that had a lot of problem and was discontinued.  Luckily I got my money back and now being offered the Janome 550 at a better price since they now called it an open box item.    Still not sure at this time of what I am really looking for.  
thanks again for all the feedback I received.  Will keep everyone updated.