I have a PD400 and use it at work for turning wedding bands, chamfers, lines, millgrain edges etc. I have had no problems with it and can achieve mirror finishes on precious metals. I have made a few mods to make it workable for me such as digital scales and fitting a multi fix tool post. However as is the general concensus I would say it is overpriced and given the chance again would have opted for the Warco WM290. A far bigger, heavier, better equipped machine for the same money. The Proxxon has a few shortfalls for me personally although I get by and as yet have not opted to change it.
1. Set speeds i.e not variable
2. Topslide +- 45 degree adjustment insufficient
3. Mass/Rigidity/chatter even on the relatively soft materials I cut
4. Clearances when trying to use tail stock for support ( in my case remedied by using taper workholding and a drawbar) MT3 headstock an advantage here.
So to sum up I would say it is a decent machine and is well made. But it is still a mini lathe with an oversized spindle. It didn't need any adjustment and ran straight from the box, bearing in mind the tail stock cannot be set over so there is no adjustment required. You could do worse and better.
Hope this helps