It's been years since I used one but the SM was my introduction to wood turning as a teenager in my grandfather's basement. I recall it being decent once set up but not as easy to switch between functions as going to another dedicated machine. I now have separate tools for each of the functions of a SM and wouldn't go back however I'm fortunate enough to have the space.
If you're looking at the SM to use as an all-in-one because space is limited, then go for it. If you're looking for a lathe, you can find better for less by looking just at lathes. I got my 20-year old Craftsman for $100 including a very nice table.