I have that Panasonic - bought it about 3 months ago. It shaves as close or almost as close as a razor - by far the closest shave I've had with an electric.
But I also get the same irritation on my neck that I did with a razor, so maybe you'd get cuts with it? For me, it's a minor trade-off for a close shave. I don't shave every day, so maybe that makes it worse, I'm not sure.
As for the price, compare the replacement costs of the foil/blades, and how often you'll need to replace them. The 40 buck one might be more expensive in the long run