They're that bad? If the best your machine can do is +/-.005 it's scrapmetal. With proper skill, a decent machine and appropriate tooling, one should be able to hit +/-.0005" to +/-.001" all day, every day in any material.
I'd have to agree with this. They are tough, but not that tough, to get results with, I think. But BCRider's assessment isn't far off either though.
The problems with the combo machines are mainly that they need a bunch of experience, and a fair bit of confidence on the operators part, to get anything done well, and in a general sense, those that have that confidence and competence, are NOT the guys that will generally buy them.
Usually, their lowest RPM is too high to comfortably thread with, they seldom have a great selection of threading pitches on tap, and they are a bit...gangly to use. The milling feature is often very limited in the actual work envelope, and the set-up and breakdown from doing one operation to another is a time eater. They don't do any of the things that they are supposed to, well.
They are pretty good machines for a wood worker, and surprisingly, a pretty decent basis for doing metal spinning, forming shapes in thin metal sheet by turning it against a mandrel with pressure applied with a hand held smooth tool. Mainly because of the high revs and the tall center heights.
My ML7 was pretty much my first 'real' metal lathe (compared to the WW Pattern watchmaker's lathe I got before it) and I eventually sold it and moved up to a Super 7 Myford. I like it, and it serves my needs, but I would not recommend it as an 'only' lathe in a gun shop by any means. But you will accomplish a lot with it, if it is the only machine you have. It will not run a barrel through it's 5/8" spindle bore, but useful all the same, and will teach you to operate a lathe. I had an opportunity to upgrade to a quick change equipped S7, so I took it. Otherwise, I had no complaints with the ML7.
I figure to have my Myford still, long after I sell on the rest of my machines.
I think pretty highly of it. Unless I can replace it with something far better that is still able to be run in the basement (like a Schaublin 135 or similar), I'll keep it.
Guys that learned to run a lightweight lathe do really well when they get on a big lathe, in my experience. Guys that ran and learned on a big lathe have a harder time learning to work with the limitations of a lightweight lathe. You gain an appreciation for sharp or otherwise well ground tools!
Cheers
Trev