I bought a FED-3 for the grand sum of a £2 plus postage last year. Amazingly everything worked, though it was described as untested by the fleabay seller (which usually means "I've tested it and it's munged!"). It worked fine for the first half of the test roll, then the shutter delaminated (the shutter is a pair of cloth curtains with a rubberised coating to make them light-tight) leaving the shutter leaking light like a sieve.
Test Shot...
Fed3 - Test reel - frame 30 by
The Big Yin, on Flickr
Shutter Curtain...
Film Side by
The Big Yin, on Flickr
After a bit of reading, I found that the shutter curtain can be re-coated with latex based fabric paint. After 3 coats, each allowed to dry overnight in the airing cupboard the shutter was back as good as new (i.e. it ran a bit slow and wasn't totally consistent, just like most Ruski Rangefinders
)
After Repair...
HP5_2010-03-24_030_800px by
The Big Yin, on Flickr
So - there's my Russian Rangefinder Story - for around a fiver I've got a very solid, completely manual, non-metering rangefinder camera, with a pretty good lens. It's not much smaller than my Canon A-1 with a 50mm lens, and I think it's probably heavier, so it doesn't get a great deal of use, but when it does, it works, and I'm happy to keep it in the collection.
I bought the FED3 on a whim to be honest, just to see if I got on with rangefinders. For that purpose alone, it was well worth the money. However I have to say, I don't really feel comfortable with a rangefinder, in the same way as I do with SLR's - thats probably a function of using SLR's so much in comparison, I admit, but it's how it goes.
I picked the fed3 over the other models on the basis that the 4 and 5 were even bigger and uglier than the 3, where the 1's and 2's whilst undoubtably better looking were also quite a bit older, and with russian engineering being what it is, probably had a fair chance of getting the mechanical never-get-overs. If I was buying something like that, I'd bite the bullet and get a proper Leica - though as I've found I don't really get on with rangefinders, the £5 FED has saved me that expense.