It is unlikely that any lathe will be ideal for every user. You choose the machine that best suits your purpose, and your pocket. Fantastic work has been, and is still, done with ML7s, and even older, and more basic lathes.
I sold my ML7, since I wanted to pass material larger than 1/2 " through the Headstock, otherwise it did almost all that I wanted.
Even a modest machine can be modified to improve performance, or to suit a particular purpose.
(Rather than buy a very long lathe, a former employer bought two lathes and located them end to end. It was cheaper than buying a special purpose machine!
My lathe is a belt driven Far Eastern 12 x 24, now nearly 15 years old. It is not a Toolroom lathe, although it allows me to work to netter than a thou. The limitation is the operator, not the machine! I have found limitations, on odd occasions, but capable of being overcome with care and ingenuity.
It is unlikely to be in the realms of a Swift Sentinel, Dean Smith and Grace, Edgwick,or a Covmac, but I didn't pay those sort of prices, so should not expect that sort of durability or accuracy. It will still be capable of good work, long after I've gone!
As already said, you don't get a Rolls Royce for the price of a Mini.
Howard
Howard