I believe we have all been through this dilemma but rejecting a lathe because of the colour would be a new one on me. Particularly as Warco are one of the better companies to deal with and have always provided me with good, keenly priced and very usable equipment. Anyway, Dave has made some excellent points but I can't see where anyone has addressed Gary's questions about likely life span etc.
To put these machines into perspective (M300, Student) they certainly were aimed initially at the education and maintenance worlds although widely used elsewhere in industry by smaller companies. Having been involved with a major machine jobbing shop and training facility the Student was standard fodder in our training facility (35 lathes various models), it proved to be resilient and accurate over the 20 years I was involved and we only scrapped one due to a cracked headstock casting where one "student" decided to select top speed without the operators knowledge and another thought it would be good fun to distract the guy during the cut?? Most maintenance was normal wear and tear, Headstock bearings were superb (in their class) and bed ways were OK but would dent if components were dropped on them. Blending out damage was a standard practise. We had a couple of Colchesters in the main workshop but they got very little use and weren't popular with our turners.
The Harrisons were mainly used in our maintenance department and proved extremely reliable and accurate, the couple in our main shop were always chosen over the similar sized Students for some reason. I haven't any particular memories of failure but we did suffer a couple of gearbox failures which were a fiddle to fix. The accountants didn't like them as at the time we got a better deal on the Colchesters.
Neither of these two types figured in our tool room as they lacked the accuracy that a aerospace facility required over time. The only M300 in the tool room was for the apprentices all of whom worked hard to graduate to the CVAs, Monarchs and Schaublin's that "the men" used.
In my opinion, for the hobby user they are an excellent but expensive choice. The name they have acquired and the cost of parts and accessories if available are the cause of this. A difficult choice to recommend for any "first timer" when secondhand as they can be fairly lightweight when abused and worked hard, and no matter what anyone says many have gone from training to small production companies and are now well worn. I have seen them in well respected tool dealers that I certainly wouldn't buy both for price and condition. Obviously, if I could find a well equipped, well looked after example for a fair price I would recommend to anyone in our hobby. For my own personal use I find them heavy and insensitive (particularly the Student early models) and not that flexible when the cost of accessories is included.
My go to recommendation for first time buyers is, any lathe is better than nothing, most learning is done by using the machine and understanding what it can do well, Excellent work can be produced on a fairly worn lathe if you understand how to compensate for the wear. A medium sized Chinese lathe (say a Warco WM280V) is ideal for most things we do and perhaps not surprising these days holds value well. For £2K with at least 60% return if you look after it. It will need proper "setting up" but in the hobby workshop will easily give at least 10-15 years service. I have just sold a Warco BH600 built in 2000, working and looking as good as new and sold for what I bought it for.
Hope you find what you are looking for but honestly, don't worry about the colour.
Keith