It depends if you have a little patience, have some mechanical aptitude, and are willing to tinker a little.
If you have some of those qualities, it is a great deal. If you want something that you take out of the box, and it has to work, first time, every time, then spend 5 times as much and get a Dillon or Hornady LnL.
The Loadmaster takes a couple hours to get it set up, tweaked, and running smoothly. Note, if it is an older one, you might want to change the primer feed to the newest style.
Here is a great comparison of the top 3 presses (see links in the first post of the thread)
http://www.canadiangunnutz.com/forum/showthread.php?127691-dillon-lee-hornady-progressive-comparison
I expect there will be a lot of people posting here that will tell you to not bother with the Lee, they are all junk, and go directly to Dillon, etc. As noted, it depends on your level of patience and aptitude, and how much money you want to spend. The Loadmaster works best set up on a very sturdy table, so it doesn't vibrate or move. The other brands are a little more forgiving.
I have both a Loadmaster and a full Hornady LnL setup. (along with a couple single stage presses)
As for rifle, a single stage press will probably do you better unless you are just making "blasting" ammo (the equivalent of military surplus).