I've had the lathe for around a year and it's been a good machine to learn on. The fact that it has some short-comings, I think is a good thing as it gives you the opportunity to start developing the mechanical/technical skills needed in machining. If you're shooting to complete work with tolerances of +/-.005" this lathe is good to go out of the box. With a little elbow grease, some mods, and lots of patience you can turn diameters to +/-.0005" with it.
For me, the biggest problem with the lathe is the lack of features, everything else you can improve yourself. The main feature that I didn't know better to get when I first purchased the lathe was a quick change gear box. This lathe is limited to 2 power feed settings, both of which are very coarse (.007 & .004 in/rev); to change these it takes no less then 5 minutes to change out the necessary gears. The first time I did it it probably took me closer to half an hour. My solution to this was a custom powered system (see picture). This allows for super fine feeds which really helps me get a good surface finish. Also, to change from low to high speed range is timely and cumbersome- to the point where I never do it.
Modifications I've made are as follows: external power feed, a CAM lock compound lever for quick angle setting change (was a real pain the way it came), lapped carriage, cross-slide, and compound dovetails (I would recommend scraping if you have the energy to learn), cross-slide lead screw thrust bearing installation for smoother operation, longitudinal cheap DRO, tailstock DRO, and a quick change tool post. The lathe spindle total indicated runout out of the box was around .003" which I wasn't thrilled with because I know many people get theirs with around .001". I was able to change out the spindle bearings to P5 class bearings and get less than .0002" TIR which helped surface finish as well as the ability to work to closer tolerances. The actual spindle its self was .0002" runout which for a machine of this caliber is pretty good. With these modifications I'm pretty happy with the lathe. The main things which are forcing me upgrade are lack of power and lack of a quick change gear box. Using a cutoff tool in steel it is easy to lock the lathe up. Once trick I learned was to use the cutoff tool upside down so the workpiece doesn't grab the cutter.
If I was to do it over again I would have gotten G0752, G060, or even the G04002. That's not saying this isn't a good lathe for someone. If you want something that's relatively easy to move around but is more substantial than the mini lathes go with this. You can easily bring this lathe up or down stairs and at 150lbs it doesn't take a very substantial table. But if weight isn't an issue go with something bigger with more features for a little more money. I think with the little extra money you'll have a nicer machine which will take much longer for you to outgrow. If I had to do it again I wouldn't let size/weight dictate what to get. You can always figure out how to get it to your workshop one way or another- even if this means partial disassembly.
The one quality issue I've had with the lathe is the carriage gib breaking which was immediately replaced my grizzly. I've dealt with customer service for my G0704 mill as well and they have always been very helpful.