There are plenty of ways in which a Model Engineer or Home Workshop person can waste money on things that look to be good idea but end up as a pretty much unused White Elephants or Cupboard Queens. For example late in the Lawerence Sparey thread the subject of tailstock turrets arose. The small one I have could fairly be considered a white elephant whilst the larger one is perhaps more very light grey or, at least, grubby white.
Leaving aside things that flat out don't work the reasons for white elephant status include :-
1) Doesn't actually do what I thought it would.
2) Don't actually need to do what it does
3) Can't accommodate it on my machine
4) Doesn't suit the way I work
5) Needs a bunch of other (expensive?) stuff to be really useful
I figure that a decent bit of forum discussion along the "My X is a white elephant" – "No I use X all the time with … to do …" could be distilled into a very useful article helping folk to decide where best to spend money on their particular needs. In particular the change in the price / performance / availability equation since I got my first lathe around 1973 means that I'd not advise somebody starting out now to do things the way I have. Equally I'm unlikely to change because I have all the stuff to do whatever my way and changing to now more appropriate approach isn't worth it.
Number 5 is the catch 22 for someone just starting out or with limited tooling with big potential gains if you plump hard for one way and set-up to use it properly. Like the aforementioned tailstock turret. But shades of the January Gym Membership purchase that mostly gets wasted because regular attendance can't be fitted in. Folk with large machine experience can get bitten by number 3. My solution was to buy full size machines!
Clive.