It would be a good buy. I am selling mine soon as I have a 196 now for IMC.
The latest software release was in fact in 2002 and handles the unit functions.
Databases can be updated for £25 if I remember correctly. Not much point in doing it more than once a year.
Try the manual to see the functions:
http://www.garmin.com/manuals/GPSIII...ilotsGuide.pdf