These small lathes are quite good for their capacity and the model you show is available
in a number of guises from different suppliers.
Before you buy you really need to establish just what you need from the lathe.
These models tend to have a small cross slide, so any tapering jobs will be limited. tapering a mast, for instance, would require a seperate taper attachment and these are, as far as i know, not available for the smaller lathes.
Milling will require a seperate milling attachment or a vertical slide, all added expense.
There used to be some good books available at the library, one in particular dealt with small lathes. It has long been out of print but is still good for the general basic info and well worth a read if you are new to lathe working. I think it is called "Small lathe Working" but can't be sure (it has been too long since i read it).
When i've spoken to model engineers about these lathes they generally say they are ok for aluminium and brass but struggle with steel. The small size of the chuck also limits the diameter of any work you can hold as the scroll only has three? grooves, their preference is to have at least two grooves operating the jaws, relying on one groove means you have to take thing very easy.
That being said, i have seen remarkable work produced on the Unimat machine which is even smaller, but that demanded a particular way of working to adapt to the 'shortcomings' of that lathe.
J.
Also have a look at
http://www.axminster.co.uk/