As was said by Wild Bill, many folks cuss the China machines to death.
I'd like to make the phrase more specific: Chinese 3-in-1 machines. I
started out with a Smithy (1220LTD) which I bought new and have used it
for four years and several small projects.

I'll start with the good, the lathe portion can spin chunks of metal at
various speeds. Now take everything else that a lathe or mill can do
and stick it under "bad". I've seen it said so many times here that I
really hate to repeat it, but get something good from the start. The
three in one design takes the faults of each machine and adds them all
together while discarding anything good.

That said, the machine may very well be worth your $500 if it's the
only machine tool you're able to own. Results that are "good enough"
are better than nothing at all.