I'm new to the forum, but not to mini lathes. For years, well heck over a deccade I've wanted a decent 12-13X36-40 for doing gunsmith work. Actually that's how I came across this forum, finding comments on the Grizzly G4003G which I'm planning to buy at year end. But I digress.
I simply didn't have the funds for the full size lathe, and I spent alot of time researching the smaller lathes. I'd debated again and again about one of the 9X19 machines, but I handled enough of them ro realize that they sorely lacked rigidity and were too small to do any serious work, and too expensive given their limitations.
I finally bought a Taig lathe as I'd been given a 3 jaw chuck and some collets for the Taig. The taig is a very small lathe that can't cut threads, but it is capable of suprisingly accurate work. For making misc. reloading die accesories, trimming brass and other small parts it worked fine. But I finally got to the point that it was just too limiting for what I wanted to do.
So, I started doing more research on mini lathes and found tons of good info on the net. The ability to cut threads was a big plus, the variable speed and high speed capability was nice, and I could do limited barrel work. Then a few years back we were visiting family and I stopped by visit a friend who builds race cars. He'd gotten a mini lathe in addition to his full size lathe and said you gotta get one of these, there great little tools. So I called up Grizzly and ordered one. I'd gotten a drill press and some other items from Grizzly and their Bellingham warehouse is pretty reasonable to ship to Alaska and they've provided great service.
The downside of these small tools is that they have limited capabilities, well what do you expect from a 7X14 lathe that cost $500? If you're planning on using it to re-barrel rifles, you'll likely be sorely disapointed. If you understand it's capabilities and limitations, and those work for you, by all means get one.
They are also a bit of a work in progress. Do some searching and you'll find out how to clean up the fit off the dovetails and take out the slop. Once tuned up the lathe can cut metal and do precision work. It will teach you all the basics of machining, just on a smaller scale and for a smaller investment.
I've re-crowned about a 1/2 dozen sporter weight barrels, a job it is fully capable of.
I've also made up many small parts for a variety projects. Even when I get a full size lathe I'll still keep it, as the high speed is great for polishing small parts, and there is something to be said for not having to constantly tear down the setup on one lathe when you have a second setup and ready to go.
Add in some additional tooling and you can pretty well setup for about $1000. I recomend a 4" 4 jaw chuck, and replace the factory drill chuck with a decent 1/2" keyless chuck. An assortment of cutters and boring bars and you're ready to go. You can add or make tooling as the need arises.
I think those that turn their nose up at these small lathes somehow expect them to be more capable than they are given their small size and small price. They certainly won't touch what you can do with a full size properly tooled lathe, but considering you're looking at ~$1k vs. $5k, what do you expect?