I've had this lathe now for a month, and it is my first lathe. It is put together well and runs very smoothly, and I have been able to accurately do all operations on steel - turning (with chucks and between centers), boring, threading, drilling, turning tapers. The size of the machine is small enough to make swapping spindle accessories by hand easy, but it is large enough to make many useful parts.
When I took delivery, I spent some time to disassemble, clean, and oil the slides, and tighten the gibs. Also, I deburred the exposed razor sharp edges, and cleaned and greased the change gears. The useful quill travel is short (about 2 1/4"), and a standard drill chuck arbor will limit travel even further, so I cut the end off of the drill chuck arbor to regain the full useful travel.
Overall, this machine is built to last, and is a joy to use. Given the price, it is an incredible value!