To start with, it is a pretty awful lathe. It certainly isn't built to last, and it most definitely could have been better. A lot better. However,lets look at a different lathe. The Myford Super 7 has been a standard of quality for some time now. It's an excellent lathe, with lots of parts and attachments and tooling available. With The Grizzly 7 x 12, lathe, it + basic attachments and tooling will probably end up costing you around $1,000- 1,200. Compare that to the Myford's $10,000-12,000.
If you buy the myford, who knows how much you will use it, or weather the attachments and tooling you buy will really be of any use to you. A Myford is not a beginner's lathe. It may be an excellent lathe with lots of bells and whistles, but it may not do what you need.
The grizzly 7 x 12 Is an excellent way to learn the basics and understand what you need and what you don't without spending some obscene amount of money in the process. This lathe is pretty much the bottom of the market for something of it's caliber, and it is no where near professional quality, but it will do the basics pretty well.
Buy this lathe, run it into the ground, then get a real one.