So I bought a bike today; I decided to go with a folding model since I'll be using it primarily around college and a small town, that way I can take it inside my dorm. It's a 5spd 20". I paid $140 for it.
It's not bad for a college beater. I hope it shift well but it's basically a beater. The quality of the bike is probably not much better than a department store bike but it's has fenders and a rear rack which makes it better for a town bike. Overall, I think a folding bike is probably the best bike you should use on a college campus because you should NEVER leave one parked outside overnight. College students are in the "know" when it comes to breaking tough locks and a brand new Trek hybrid would not last long.
If and when my cheap Pacific toy store bike breaks in two, I'll probably get a junk folding bike like the one you purchased. That's a good buy in my opinion.