A Myford ML7 can (depending upon condition) be an excellent lathe but can it please be looked at in the cold daylight of its history.
It was designed in the later years of World War 2 and put on the market in 1947 – a long time ago! The comments about steel are not necessarily true, and in the case of a lathe where the major proportion of its construction is cast iron or zinc alloy probably irrelevant as well. Like many other products introduced around that time the choice of materials was probably decided as much by what was available in immediate post war years as by engineering need.
If you read the review of the Myford Super 7 in ME Jan 15 1953 it clearly suggests that the ML7 was designed to provide the best lathe that was affordable and the Super 7 was introduced to try to address some of those compromises. It specifically mentions the clutch as being necessary for 'a lathe running at high speed' suggesting that its inclusion is less important for a ML7 with its slower top speed.
Many Myford lathes are now of pensionable age and unless preserved in good condition may well be past it – I can think of two I have access to now – one has a bed worn to the state that there is 1/8th swing on the saddle when cutting and another with a parallel bore to the nose of the spindle because that was necessary to accommodate a job in the past.
The basic technology of a Myford ML7 is 19th/early 20th century while that of Chinese lathes seems to be more (but not that much more!) recent.
A Myford or similar lathe can be a joy to use – but in the same way that I find my ridiculously expensive Leica film camera more pleasant to use than a far cheaper digital SLR – but the quality of image doesn't differ in the same way. Similarly comparing a Myford with accessories and motor ready to run with a Chinese lathe at a half or a quarter of the cost may not produce better work. I certainly could not have afforded a Myford lathe for the price of the new Sieg machine I bought – and restoring one I could afford to accuracy would probably have been beyond my skills.
Please don't think I am against Myford lathes – but their age and older design, and the times they were designed for must count against them today, except in a few very well cared for or little used examples.