I have a Myford ML7, and I would recommend it if you are tight for space. Otherwise I would go for a Colchester with a DRO, if you are doing production stuff a dro is an absolute must.

The best thing I ever bought for my lathe was one of these diamond tool holders. Diamond Tool Holder

Its all I ever use for basic turning and it leaves a great finish and its super easy to sharpen which is a time and money saver over carbide inserts or complicated/skillful hss sharpening with a grinder.