Hi,
I think what most new people miss when looking for their first machine has little to do with brand names. And everything to do with knowing how to think about machining in general.
First I see a lot of misconceptions about accuracy. Every home shop machinist/hobbyist envisions themselves working to micron tolerances. As an old tool and die maker who has done this everyday for over 30 years, the truth is, +/-.005"(.1mm) will suffice for 95%+ of all machined items on this planet. And a embarrassing large percentage of that is fine if you just hit the material somewhere. And this is a manual lathe/mill we are talking about. The basic machine designs limit accuracy and finish levels that can be commonly obtained. The process itself is limited. You need better? Re-think the process - don't blame the machine. Accuracy lies in the hands and skill of the operator, not in the machine. And skill is learned over time and practice. It has nothing to do with brand or place of origin. It's just as easy to miss a tolerance on a cheap, cheerful, Chinese manual tabletop lathe as it is in a $1,000,000 machining center. I know - been there, done that, and scrapped the parts.
Next question is "How big a machine?" That depends on what you want to MOSTLY do and how fast you want to it. Think about the size of parts you MOSTLY want to make. Bigger parts or high stock removal rates need bigger machines. Smaller parts are better made on smaller machines. Yet many newcomers get told you need at least 13" or 14" swing lathe with at least 36" between centers or you should go home. If all you MOSTLY want to do is make small things, like model engines, then you really don't need a huge machine. I purposely chose an 8x14 lathe when I bought mine because I knew that I did not want to work on any part that I couldn't hold in the palm of my hand. Another way to look at it is - Watermakers don't need a lathe with an 18" swing nor does a machinist in the oil fields or shipyards need a watchmakers lathe. So consider the size of what you wish to make closely.
Do I buy new or used? A lot of that depends on your location and patience and how far you might be willing to go to get a machine. But many are adamant that only fine old 'murican or old world iron will do. Anything less is junk. Monarch ee or a Schaublin or bust! And driving 1000 miles isn't too far to go. Sadly, much of this "Fine old iron" is just old and getting beyond even well worn. And unless you know how to spot the junk from the jems, it's a crapshoot. But all new Chinesium has it's problems too, just in a different way. Sometimes bad QC and limited repair parts availability causes many headaches. And to a great extent, looking at a new cheap, cheerful, Chinese machine should be viewed as a "kit" that may or may not need some finishing. To be fair, there have been signs of some small improvements in QC. After having many dollars spent on machines over the years based solely on my word, I seldom worry about color of paint or name plates. I don't buy "machines" I buy dealers. Every used machine I have ever bought all came with the same 4 word warranty - As Is, Where Is. I made the choice to be the warranty backed by my wallet. Every new machine was purchased because I felt the dealer was the one that would offer the best and longest post purchase support. And trust me, that shiney new Haas or Mori often comes with as many issues out of the box as the cheapest Chinese tabletop machine. It just costs a whole lot more to fix. So buy the Dealer! Not the machine. Sadly, many sellers of Chinese machines, offer little in the way of support. But despair not! Those little tabletop lathes have a large and vocal presence on the web. And there are many places, like this very forum, you can get excellent help in solving problems. Rest assured, that no matter what has happened, someone else has all ready fixed it themselves. So the help is there.
If anyone has bothered to read this far, I hope I have shed some light on how to think about buying a lathe. Whether you get a pristine Monarch EE or a new little 7x lathe, you can do good work no matter what. Enjoy the hobby!