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Actually it was a brand-new sealed mixer - guy had a Dutch auction up for 15 of them. Was VERY happy with the price.
Anyways... the PMC-05 is only 2 channel instead of 3, which honestly isn't a big deal unless you have a specific need for >2 channels. The one major difference I can see is that the PMC doesn't use Vestax's Plastic Conductive Fader tech for the crossfader. Wether that's a bad thing or not I'm not sure since I've never used a non-PCV Vestax, but I do know that PCV faders are NICE (a note - I THINK that any Vestax mixer can use their PCV crossfader if you buy one and replace the existing one, but I'm not 100% positive on that). The send/return feature on the 275 allows you to add in effects units like the Korg KAOSS-2 pad or Alesis AirFX - makes for a lot of versatility in your mixing.
The PMC doesn't have frequency kill switches either, which would annoy me a little bit - the kills on the 275 are very cool. The PMC only has 2-band EQs (Low/High), whereas the 275 has 3-band (Low/Mid/High) - makes for some more versatility in your mixing. The PMC does have the crossfader switch control (which flips which side PGM1 and PGM2 are controlled from) though - more of a battle DJ feature, but it can be fun nonetheless. The PMC also has a crossfader curve adjustment - a REALLY nice feature, my friend's Tascam X-9 has that (now THERE'S a (#@$(@#$ beast of a mixer).
The PMC seems to be more a scratch oriented mixer (which isn't really bad at all), being that it's decently smaller than the 275 - this may be helpful if you're limited on space, every inch counts 
There's a couple more minor features that the 275 has, like the split cueing (lets you hear your program track in one side of your headphones and your cue track in the other, some people like mixing that way), and the top-mounted mic inputs (not XLR unfortunately, but these may come in handy someday).
My personal experience with the 275 has been 100% positive. The sound quality is top notch, the faders are VERY smooth, and the PCV fader allows for more than 2 million fades before you would want to replace it - that's a DAMN long time even if you mix a lot.
If I sound biased it's only because I have a lot of personal experience with the 275 and none with the PMC, which may very well be a great mixer (I'd expect it to be very good anyways, Vestax rocks). If you can, try out both of them and see which one you like best.
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