Hi thomas,
the film cutting job is only for older cameras.
The Jupiter 8 is an awesome lens. The two I have (Kiev and LTM mount) are very sharp, low distortion etc. And the Kiev one (haven't tried the LTM with colour film yet) has an excellent colour condition.
Most of the pictures on my gallery were taken with it, and i was never disappointed.
Is it worth your money? Sure yes. FSU cameras have that' little something newer cameras haven't.
I mean, you can never be sure what will be happening when shooting the next film

or even the next photograh

, it's the most complete and perfect opposite to modern photography : you do everything, with hard to turn shutter speed dial, stiff aperture ring and film advance and all... No don't flee away from your Fed, they aren't all like that.
And beware the GAS : Gear Aquisition Syndrom, which can lead you into buying even some Drugs (another FSU camera) or a complete outfit of every single known FSU cameras, lens and accessories. If you're as broke as I am, you have nothing to fear though.
Don't worry if your first film is just rubbish, it's always the same for any old camera, you need to get used to it (no the contrary, cf DSLRs)
Have fun!