Hi Peter,
ShopSmith, guys either like them or they don't. I have had one for 20+ years, you do have to plan your work flow a little more due to tool swapping, yes it's true they really can't compare to a stationary cast iron tool (but like any tool, you eventually get a feel for using it). They do have advantages, if you don't have to much room to spare they are on casters, they take up little floor space and the additional tools can be placed up on shelves out of the way. I have turned on it many times with the stock tool rest and I also have a cast iron banjo tool rest for it as well. If you are really interested, make sure you take a quick look at "Song of the Great Lakes" web site for example, and look for the Evolution of Models to get a good sense of the versions over the years (since they pretty much look the same at a glance). Keep an eye out on CraigsList and watch for one with a RED plastic safety switch on the headstock...these units have a two bearing quill and have less run out, better tables, and drive belt arrangement. I picked up a real good deal on a 2nd one a few months ago...$400 and had a ton of extras.
I'd be more then happy to answer any more questions you, thanks for all you do here on the FOG.
James