If you're looking for this one, there are a few things to keep in mind (besides the above comments like "it's junk", or "not worth the trouble". I'm not contradicting them, just pointing out some stuff I've also seen/read about).
First and foremost - for me, at least - the dials don't read like standard. Meaning that one turn of the dial doesn't equal 0.10", it actually measures 1/16" (0.125") of an inch. This can trip ya up if you don't realize it, but the leadscrews can be changed to standard later, at more cost of course.
Second, that lathe doesn't come with any tooling - you'll have to pick up the rest separate. Now, Cummins Tools has a similar lathe available, here:
http://www.toolsnow.com/browse.cfm/4,876.htm
This one is 7x12", comes with a boat-load of extras, and currently costs $400 on sale. I was thinking about getting this one in the future (lack of space being the big reason), but we'll see if I can get around to getting any of these.
Now, if you really want to get a new machine in the 7x series, hands down one of the best ones to get is the 7x14 from Micro Mark:
Micro Mark lathe . This one is more expensive at $620 currently, but it also has better built-in features. I'll probably hold off until I can get this one.
Usual disclaimer: I haven't bought any of the above machines (I've only looked at the display model of the HF one), but I've been doing a lot of reading and researching in the past couple years cause I would like to eventually have my own small lathe and mill.
- Mike