The Series 7 Smith is a much better investment, I think. The first item you posted has waaaaaaaaaayyyy too many moving parts, and will end up being a nightmare to assemble and maintain. Not to mention, every linkage and every hinge that an equipment manufacturer designs into a contraption like that impacts the range of motion and kinetics of any given exercise. For example, I had a P.O.S. Wieder home gym once that had so many freaking pulleys, you blew four inches of bench press throw just taking up the slack from the cables.
BodySolid makes two basic kinds of smith machines: linear bearing, and pillar. I own the pillar configuration
PowerLine Smith System, where the rails are stainless steel, and the bar glides on teflon skids. Needless to say, the teflon skids still grip a LOT, so I have to keep the columns hosed down with white lithium grease or 3-in-1 household oil (a real pain in the a** if you accidentally grab it during the course of a workout). Other than that little peeve, I'm pleased as punch with it.
The linear bearing variety (like the Series 7 you hyperlinked) does travel a lot smoother and has the added benefit of a slight tilt (more anatomically freindly), and the front hooks for total freeweight operation. However, I've noticed that the bearing systems' guide rails tend to be really flimsy and the bar can flop around quite a bit. Try them both out if you can get them in the same showroom
