What is a cover stitch machine and why I'm going to get me one

Hi!

I've just discovered that there's a special machine, sort of like an overlock machine (serger) but without the knife that cuts off the edge of the fabric, that does a stitch called a Cover Stitch. This is the stitch you are familiar with at the hem of your t-shirt, which looks something like this:

From the right side, you see two parallel straight seams. 

From the wrong side, you see something that looks knit like a serger stitch.

Cover stitch machines can also work with three needles:

The cover stitch is useful for hemming knits, because it allows the knit to stretch along the hem as it is being worn. The alternative to using a cover stitch is to use a twin needle in a regular sewing machine, which looks the same from the right side, but looks like a zigzag stitch from the wrong side. Obviously, it doesn't stretch as well as the cover stitch does, just as a zigzag stitch doesn't stretch as well as an overlock stitch does. Additionally, sometimes it "smooshes" the fabric between the two parallel stitches. I don't mean to insult my trusty sewing machine, but twin needle sewing is a poor excuse for a proper hem on a knit garment. 

A cover stitch is invaluable for sewing undergarments, active wear and swimwear, because it allows you to automatically create tension so that the fabric is stretched over the elastic, which creates an even elastic hem. Isn't it lovely?

imagine trying to sew that without a cover stitch...?

The Bernina Cover Stitch machine (009DCC) costs 5,000 NIS (about 1,460 USD) in Israel, whereas the Janome CoverPro 1000 costs less than half that much: 2400 NIS (about 700 USD). I don't think I'm even going to check out the Bernina and I'll definitely go check out the Janome.

Here's a 10-minute video of different stuff the Janome CoverPro 1000 CP can do. It's kind of lengthy, but it shows you that the machine is quite friendly, and can even do esoteric embellishments with embroidery threads.

This video shows how the elastic cover stitch is sewn. You can see how the fabric "ruffles" after it exits the presser foot as the seam is made.

Now I believe I've established that it is absolutely imperative that I get this machine, haven't I? :-) Off to the store tomorrow! :-)

Do you use a cover stitch machine?
How has your experience been with this machine?