Hi Les, interesting purchasing problem, and there's not too much info about. I hope you keep us informed about your experiences whatever you end up buying.
The issue is, I think, that it is relatively easy to make a lathe to the kind of tolerances listed for Jason's Warco WM280. It is much more expensive to make a lathe to a higher specification, and especially to make one that will stay within close tolerances when worked hard. In other words, expect a new precision lathe to cost 6 to 12 times more than a similar hobby lathe.
Do you really need that precision though? For example the Sherline has a very good reputation but a close look at their website reveals a rather ordinary specification. Many people do excellent work with worn equipment, and many others have improved far eastern lathes by application of TLC.
The truth is that operator skill counts for a great deal. I happen to own the same model of lathe as JasonB but a look at our albums will show you that he does markedly better work than me. You can't buy talent, skill and experience.
This thread about the Wabeco D4000 is one of the few reviews of Wabeco that I've been able to find.
If precision clock-making and making small parts is your hobby, then Cowell's have a very good reputation and a published specification.
Of the Far Eastern lathes, I think only those sold by Warco come with a certificate. It's a measure of what you've bought; some lathes will be better than others.
There's a lot of good quality ex-industrial kit about, and well maintained educational and deceased workshop sales. Unfortunately buying second-hand is a mine-field unless you know what you're doing or are lucky. For an absolute beginner, I'd suggest buying a mini-lathe to learn on, and then using the experience gained to upgrade later as necessary.
Dave