The answer to the question is pretty simple really – NO – almost what ever some one wants to make with it.
Peatol was mentioned. Way more capable especially with the none variable speed motor option which might not be available outside of the UK. I mounted mine on top of a wooden breadbin and used that to keep all of the bits and pieces in it. That was 3 jaw, 4 jaw, collets, blank collets, vertical slide, head and tail stock riser blocks, tool grinding wheel, fixed steady and the compound slide if not fitted but it generally was. Forgot the face plate. I had that too.
The riser blocks are sized to enable a certain scale of loco wheels to be made on them. It's probably best to restrict their use to that sort of thing and fit when needed. I managed to distort the head on mine by taking a near 3/4" deep cut with a form cutter in mild steel with them on using an extremely fine feed. Following this it turned a couple of thou taper over 4". It needed the risers on to swing the part I was working on. The rigidity of the lathe in some respects is excellent as the swarf came of in nice shiny curly pieces.
The machine is easily capable of feeding a sharp 3/8 dia directly through 3/8 thick mild steel and also a 1" woodruff cutter around 1/8"+ thick into the same to it's full diameter. I was making a finely adjustable router fence. The vertical slide they provide is very useful. Very simple work holding method but works really well in practice and is very rigid.
Downsides. It's easy to cover them in swarf and it can get on the rack feed so best keep and eye out for that. The tailstock is a bit naff but works ok. I would be inclined to make revolving steady for it but the spring loaded one that comes with it is usable but might cause a beginner some grief via over tightening.
The headstocks are known to loose alignment over time but it's worth bearing in mind that it's extremely precise as they come. Useful feature as the 3 jaw has soft jaws available for it which can be machined dead true. So true in fact if done the correct way that they are a good as collets. If I had one again I would want 2 sets of complete jaws to take full advantage of that. The usual fix for minor head miss alignment is aluminium foil shims. Use to be silver paper out of packs of cigarettes. Anything along these lines could be used.
I've no idea how it compares with a small Sieg etc and suspect that the variable speed model would be a touch under powered for what the lathe can do.
John
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