Shred, I hear ya. I would have loved a nice full sized lathe. But money dictated getting a chinese machine or rebuilding an old workhorse. That would have resulted in never making anything and a partially disassembled old lathe. This way, I'm at least learning to use something.
Maybe after I get some experience, I'll find and restore an older, larger lathe. For a first timer, it's probably a better choice to get a cheap-o that runs. I have no illusions that there are better machines out there, and have no problem with criticisms of the cheaper lathes, mills, etc. Hey, you get what you pay for. But it works out of the box, and sometimes that is more important than absolute accuracy.