One thing I did notice was the lack of a graduated Z feed. That makes
surface finishing to a size very difficult.
It looks like a drill press with an XY table. Great for drilling and
it would do some milling but it isn't a proper mill.
However, you get what you pay for. I would go with Chris, see what you
can find second hand. In the mean time, by all means fit a work holder
onto your lathe. It's a cheap mod that will do some types of work.

John