I suspect the book Dave is referring to is Donald DeCarle’s “The Watchmakers and Model Engineers Lathe”. It goes into great detail on many many models of these lathes including IME – which seems to be one of the better quality units.
As Dave also says the most basic versions of Watchmakers lathes are used with collets and a drawbar, and cutting done with HSS or carbide gravers supported by a tool rest clamped to the bed. . The biggest issue with the simple setup is that the collets only hold material very close to their nominal size. A standard full size set of watchmakers collets consists of 80 collets from .1mm to 8mm in .1mm increments and at around £10 – £12 each (even used) it gets expensive. Then there are all the specials!
Collets and accessories based on them (e.g. chucks) are sort of interchangeable between lathes taking the same size (6mm, 6.5mm, 8mm, 10mm) collets. Accessories that fit the bed not so much. There are a couple of bed patterns Geneva (round bed with a flat at the back) for example for which the bed mounting accessories can be interchanged with some minor loss of alignment – although originally the factories would have created them as sets to ensure precision. However for many models the beds are proprietary, and the accessories rare unless they are included with the set you get. IME seems to be one of those.
I have a couple of Geneva pattern lathes, one 6mm, and one 8mm. The 6mm has a set of collets and a three jaw chuck, the 8mm just collets and a faceplate, but it does have cross and topslide. I bought them because I like them, but only really use them for pivot polishing. Anything serious gets done on the Taig.
I got both of mine cheaply, and bought them for fun. But if you are thinking of getting one for serious work, I would ensure it has a fairly complete set of the accessories you will want to use, and that will probably make it as expensive as a new Sherline or Taig.