Wow that's a lot of negativity. That's actually a pretty good server. It just doesn't have any hard drives. That's most likely to your advantage since OEMs like Dell and Lenvo like to charge a small fortune (nearly double) for your basic "enterprise" SATA drive.
I would consider this system like a barebones system giving you a lot of freedom for upgrades. Not to mention a lot cheaper. Lots of people find it easy to add RAM and hard drives so this is a pretty good deal.
Slap in 16GB of RAM (more or less up to you):
http://www.newegg.com/Product/Product.aspx?Item=N82E16820239102And a couple RE4 drives (or WD Reds if you're on a budget):
http://www.amazon.com/RE4-Enterpris...d=1355175093&sr=1-1&keywords=RE4OS: You could run something like ESXi or Hyper V here and virtualize your current server as a backup
If the 1 year warranty is an issue of contention, you can purchase up to a 5 year warranty. (24/7 Pro Support and NBD Onsite for $100 for 3 years). So I don't know why it's such a bad idea.