I have used half a dozen VFDs. 5 current and one previous machine. Current ones are: lathe x1, mill x1, mill x2 (spindle and power feed),and surface grinder x1.
Only one of these 5 drives has been re-motored (unable to start in highest gear when cold) and one has been converted from star to delta.
The surface grinder change (from star to delra) allows me to run different sized wheels at closer to optimum speed (or apparently to change the wheel ‘hardness’ by running at lower speeds). The lathe and one mill already have mechanical variable speed, but are so much easier with the control by a simple potentiometer. The other mill has a 6 speed gearbox.
Some advantages (for me):
Soft start
Variable speed.
‘Jog’ facility.
Simple motor reversal (needed on one mill when changing from horizontal to vertical) easy.
Safe motor reversal (only from reverse to forward on my lathe) without stopping.
Over-current trip.
Ability to expand the operational range of the machines (within safe limits).
Easy remote operation (by pendent control).
More reliable motors (no capacitors, centrifugal switches, overload or NVR switches required).
Easy extra emergency stop wiring with low voltage wiring.
Braking possibilities, where appropriate.
If chatter does occur, an easy (slight) change of speed often reduces/removes the problem.
Fewer belt pulley changes required (not a problem I have anyway).
Probably more reasons, but the above are worth, IMO, a change – even if only carried out at a time of motor failure.
I would look to change any substantial drive if I purchased any more kit (not very likely. The only single phase induction motors I am using are on the compressor, bandsaw and grinders/sanders, I think.