I have a record dml320 and the extension bed. its a good lathe for a beginner. The limitations I've found are ..
- Max turning size (obviously)
- m8 bolts to attach it to workbench are ok enough but I'd prefer 'over-engineering'
- Combination of record & axminster (for the chucks) quality isnt the highest but, to be fair, is by no means bad
- General progression of wear & tear over the 9 months since I've had it is quite high ...but no problems so far
- Headstock doesnt slide or rotate but, on reflection, this may be a good thing as well since those features may possibly reduce its rigidity
- It's not a high precision instrument...but then its only £500 ...its still a much better lathe than I am woodturner!
For me, its an excellent machine which I'll be keeping. I'll probably buy a significantly better lathe if/when I want to do arty or high precision work ...but I wont be getting rid of the dml320 unless it somehow falls apart!
You can easily buy a better lathe ...but, imo, it'll cost a fair bit more