n1wbd,
In Blaine, we have a WISP which charges $99 per month and $349 setup. They provide 1 Mbps service in both directions. So, your price is reasonable.
I'd give up my $89 HughesNet service (1.6 down, don't remember up) in a second, if I could get line of sight for the WISP. I've had HughesNet and Xplornet (Canada) satelllite services. They're worse than any kind of connection except for ISDN and dialup (and ordinary wireless in a noisy environment). Downloads aren't too bad, because the data is streaming. For interactive and modern "busy" web pages with lots of cross-links, all the DNS lookups and page fetching, it's really slow and choppy.
This particular WISP uses licensed frequencies, so interference from other services should be reduced. Be careful if your provider uses unlicensed frequencies. I had a provider in Seattle for a while which used standard, farmer, ordinary wireless. It was completely unsatisfactory due to interference. I could walk around my neighborhood in Seattle and in a one block radius I found over 100 WAPs. That's probably not going to be a problem for you, since you're in a small town.
As far as your question about the equipment and settings, I can't speak from experience, since I haven't installed the WISP service yet. However, when I was talking to the provider, they made it very clear that all the equipment belonged to them, and there were no user-available settings. Their "terms of service" mention that service can be disconnected remotely by them. So, clearly they have a way to send a "kill" command to the remote modem.
As previously mentioned in this thread, line of sight is a big problem, since you're looking at a tower instead of a satellite. I'm probably going to have to put up a 50-100 foot tower to see over all the trees in my area.
Don't assume that the provider has no FAP or download limits. Read their terms of service carefully.
HTH