The 7300 is a rechargeable battery-operated, low-power version of its bigger siblings. It rotates more slowly and even has two speeds, neither of which will get you in much trouble. It's compact and light weight and holds a charge for, maybe, an hour of use.
The tool is marketed for small jobs and for pet nail trimming, which it would work well for, I expect, but I use it for detail work where the high-RPM corded Dremel can be a handful. When a rotary tool gets away from you chaos and damage can occur pretty quickly, especially when grinding and sanding on plastic body panels, and I do a lot of that.
My gift giver got it on sale for $20 and I think it retailed for $25, though a current Amazon listing suggests $57.
Below, I'm cutting a groove in a 2d-gen fairing panel in preparation for welding. A number of attachments can accomplish this, but I like this cone-shaped metal grinder.