I've never tried this model, but I haven't had very good experience with selmer instruments in the past. My first oboe was a selmer, but it was a student model. Frankly, it wasn't very good. I then tried a professional selmer when I was going to upgrade my oboe, and it sounded, well, terrible. However, every instrument is different, and I could have just gotten a bad one. Is there a way you could try out the instrument before you bought it? Otherwise, both beginner and intermediate yamaha instruments are excellent. I currently have a plastic intermediate yamaha, and it has a beautiful sound! You should probably be able to find a nice used one for a good price as even the new ones aren't crazy expensive.
P.S. Here is a site with some customer reviews and information about the Selmer 123f
I agree with what Oboe Girl said, you should find out about trying the instrument first. Do you also have an experienced private tutor? If you do, ask him/her for feedback on what kind of instrument you should purchase. If not, find a professional player and still ask them for feedback. It can be invaluable to have a well experienced Oboist's second opinion.
PS: Are planning on taking the Oboe seriously or just playing as a hobby?
Thanks everyone. I went ahead and purchased it and I'm pretty happy. I got it for under 250$ used, considering that a used broken one goes up to 500$, I didn't want to pass it up. It was quite dirty and tarnished but I cleaned it up. I took private lessons and my teacher thought it sound pretty good. I find that depending on the reed, it sounds amazing or terrible.
I'm planning to play oboe for the performance class in my university. It's a composition school so they take beginners for that class. Hopefully it'll become my main instrument.