Welcome aboard Chris!
The Celestron PowerSeeker 127mm telescope was the first scope I looked at when considering a telescope purchase. It's a short tube Newtonian scope which means it makes up for the short tube by using a barlow to increase focal length. I decided against this scope in favour of an 8" dobsonian at $549
You should be able to get great views of the moon, see the rings of Saturn and make out some deep sky objects.
My advice is to join your local astronomical society and get first hand advice on how to use your new scope.
You might also like to get a planisphere and download the free planetarium software, Stellarium, which will help you learn the sky.
http://www.stellarium.org
Good luck with your new scope!