No you cannot see the US flag. LOL.
I have looked through the schmidt newt that Meade sells and it is very good I must say. Very bright and a good light grasp especially if you are looking to get into astrophotography.
My suggestion is just buy the OTA and then get a EQ6 if you can afford it. (which you say you cannot for the moment) They are very solid and stable. Mind you the HEQ5 might also be suitable, but the more load a mount can carry the better the stability and hence the better images obtained. The Meade mount is not that good and you will see this in the images.
This OTA will not really help much with the planets, but it will be better than the 4" and some reasonable views can be obtained.
If you are really stretched try looking at a second hand dob and putting it on top of a HEQ5. Plenty of people have done that and get great images.
Best of luck, let us know if we can help more.
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