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In industry they have been replaced by large milling machines. – I am told that if used correctly they produce a superb finish.
There are certain jobs that they are better than a milling machine for and can with knowing heads and hands even be used as a slotter.
If I had the room for one I would have one. ………………. Just so I could watch it's fascinating action and listen to it's therapeutic noise. 
Edit :- Video added of 'machine porn' if you are into that kind of thing. 

Nick
Edited By Nick_G on 19/03/2017 10:06:01