I look at Hi-points this way. It's better than a rock. For a short time my father owned a Hi-point 40 that I was able to shoot once. It didn't malfunction and it was accurate. Everything else pretty much sucked. The trigger was horrid, the sights suck, the gun had more kick than it should have (probably why I hate the 40S&W now), the grip is awful and slips out of your hand and despite being a big, heavy beast of a gun it is only a single stack so capacity is an issue.
If I only had $170 to spend on a gun, I would get one as odds are it would do the job it was ment to do. However, if there was any chance what so ever of saving up for a better gun down the line I would do it.
Regarding your OP, it sounds like your friend has boasted that he can out shoot anyone with a XD/Glock/M&P (basically more expensive guns) using his Hi-point and that eventually you two will be at the range together to put his claim to the test. To be completely honest he very well might do just that. If there is one thing that I have learned in my very limited time in shooting sports it is that its the shooter who makes the gun, not the other way around. If your friend is a great shot and you are not then more than likely he will beat you as well as others at the range. Even if I had a tricked out open-class gun Rob Leatham could whip my ass with a Hi-point.