I'm glad I hadn't seen this old thread before buying a Warco: it might have put me off a fascinating hobby.
As it is, I just went out and bought stuff. I've learned loads and thoroughly enjoyed making things myself that work.
Lathejack wrote about his experience. I can only say that the Chinese equipment I've owned has been both fit for purpose and value for money. Not perfect, not tool-room accurate, not industrial quality, but certainly not rubbish either. It all worked 'out of the box' and it all benefited from mild fettling. Above all it was affordable, and came from a Supplier who would support me in the event that I got a lemon.
If you are interested in the hobby, get on with it. I did and have no regrets.
Dave