I used the inflation calculator [1] to convert 1960s prices to today's dollars:
- Rental price: ~$20,000 / month
- Purchase price: ~$1,000,000 (yes, a million dollars).
So what you're looking at is what used to be a million dollar computer. You could buy a car for every month you pay to use this machine, so you better had really useful programming ideas or it's back to pen & paper :)
As the author points out, this was considered the model T of computers because of how affordable it was compared to what sold before.
The attention to detail is tremendous.
I never paid much attention to the design of old IBM mainframes, but now I can see how profoundly it influenced our perception of computing. I love the author's phrase "inherent drama of computing." and how it became a trope. The IBM industrial design book [2] he recommends is now going on my to-read list..
[1] http://www.usinflationcalculator.com/
[2] The Interface: IBM and the Transformation of Corporate Design http://www.amazon.com/gp/product/0816670390/ref=as_li_tl?ie=...