I think that table will be fine for some for fun basement pingpong, but if you can spend like 100 more, go for a nicer one.
Miscue, how do you suggest holding your paddle, the normal way(like a tennis racket), or like you are holding chop sticks, dont know the offical names of them.
Well, shakehands and penholder are the two main ones. There's some variations that are perfectly viable, but I won't mention.
Neither is superior to the other, just different... with pros and cons. As you get better, what grip you use will have an effect on your style. If you're not very good, your style is missing the table... so it doesn't really matter. :p
Pick whatever feels most natural to you. But here's the thing, pick one way and do it CORRECTLY. http://www.ehow.com/how_15226_grip-paddle-table.html
One problem is, the typical paddle itself is a shakehands paddle - and it's uncomfortable to hold it penholder style. If you do play penholder, get a penholder blade. There are two kinds: Chinese and Japanese. You'll notice that only the shakehands handle goes right up to the rubber. Also, penholder blades only use one side with rubber.
Japanese:
<img src="http://www.hiqua.com/pingpong/pDWdr5a.jpg"><img src="http://www.hiqua.com/pingpong/pDWdr5b.jpg">
Even though there is no rubber, they're supposed to put a black paint sheet on the back.
Chinese (Notice the short handle, some are even shorter):
<img src="http://www.hiqua.com/pingpong/p202ASN.jpg">
Shakehands:
<img src="http://www.hiqua.com/pingpong/pXSF1018b.jpg">
<img src="http://home.covad.net/~chunglau/kongbh.jpg">
You'll notice he holds it on the highest part of the grip with index extended - copy that. I see a lot of noobs hold it lower, or have their index finger pointing up or something - I could explain what problems this causes, but won't.
The grip should be loose - the general rule is... loose enough that someone could pull it right from your hand. Also your wrist needs to be relaxed, not stiff at all. You have to be able to adjust your racquet angle and such, and it takes a relaxed grip to make whip-like motions. If you think about how you flick someone with a gym towel, you don't do with with a stiff wrist.
Kong Linghui (who plays shakehands) talks a little bit about playing against penholders.
http://home.covad.net/~chunglau/072102.htm