Hiya Sir V,
I guess it kind of depends on what your ultimate coffee drinking is going to be, i.e. if you like and will stick with milk based coffee drinks like Lattes or Cappas, then the Fenice is every bit as good as a Silvia for a lot less money as youve mentioned. However, if you prefer drinking straight Espressos, Ristrettos and Long Blacks, etc then I would recommend holding off until you can afford a Silvia.
Alan Frew of CoffeeCo in Melbourne is considered to be somewhat of a coffee doyen here in Australia and overseas too. He has a lot of info on his website about the pros and cons of various espresso machines and even a match-up contest between an Imat Mokita Combi (a la Fenice, etc) and a Silvia here....http://www.coffeeco.com.au/articles/comparison.html.
His evaluation is worth reading and will perhaps assist you in making a choice between the two. All the best and - Welcome to CoffeeSnobs [smiley=thumbsup.gif],