I'll try to not let it go to my head!
The truth is, no matter how crappy a lathe you buy, the one on the bench is way better than the one in the brochure. But it is worth while trying to educate oneself.
Lots of resources online, lots of good books available, and lots of free advice (if somewhat conflicting at times) to be had for the asking.
Take a good look at Varmint Al's Mini Lathe Pages, if you wish to see what can be done with a really inexpensive import lathe. Lots of thought goes into it, and you will be frustrated (a lot!) at times, but that will happen with supposedly the best lathe on the planet, too. I have proven that again and again, teaching folks the basics as the rotated through the shop I worked in as part of their trades trades training. Both by demonstrating that the lathe they were using would make the part that thy were unable to, and by putting them in front of a Schaublin 150 lathe, and allowing them to find out that it didn't work for them with that one either. It's about learning to operate a lathe. It won't make the parts without the guy standing in front of it! Even the lights-out CNC manufacturing cells were programmed by someone that had to learn what worked and what did not, as well as what worked and did not that was different for that particular machine!
The more you do the things that yo want to do with a lathe, the more you find out what your needs and wants are, and can use the information to decide whether the 'option' that pops up as a potential upgrade path, is a good choice or money not well spent, for what your needs are.
Me, I enjoy my machine tools. I have learned a great deal about how they work, and why I would use one over another, and through this education process, I have bought and resold a fair few machines that were good, but not quite right as an only lathe. I went to an awful lot of auction sales, and saw an awful lot of really really crappy lathes sell for way more than they should have, too.
I am actually a bit swamped with lathes these days, having bought my Colchester off of Crown Assets (it was in my back yard, so I could see it in person, and it was really well tooled up!), and had a well equipped Emco fall into my lap, quite literally. I will pretty much always have my Myford, as ratty as it is, at least until I either get a better one, or I can afford the Schaublin I would happily dump it for.

I like my Myford, and am quite aware of it's limitations. It is still my go-to lathe when I need to make a small part.
Add to the lathes, a couple shapers, a small mill, and a full size CNC knee mill, plus an equivalent weight in literature to boot,... Yup, got the bug pretty bad!
Cheers
Trev