Not too sure, really. A 500/f8 is a mighty slow lens, hence not too versatile, but I wouldn't be surprised at all if it compared favourably with Nikon's mirror lens. I suppose the biggest potential fault is CA (a discipline in which the mirror lens should perform very well in theory). Apart from that, it should give *much* better contrast than the mirror and better bokeh of course.
I've had some good experience with Russian optical engineering. For example, my Intes Maksutov telescope beats the shiny midnight-blue Meade and Celestron mob hands down, by a big margin, at less than half the price.
I'm not sure whether this one is Russian or Chinese, but I guess it wouldn't hurt bidding a dollar or ten. If it's no good you can always use it as an offensive weapon

If you're in the market for a really long lens you might as well add it to your watch list...
Cheers
Steffen.