I have no experience with the PennState but like Preacherman I have the Nova Comet2. The Nova is 3/4 Hp continious but I could find no specs for the PennState to indicate amps so I have no idea of comparison. The other specs on the PSI look good to me.
Comet available here for $460 and free shipping.
http://tools-plus.com/nova-46300.html
I went with the Nova over a Rikon because of the grinding attatchment as the lathe is really for my daughter when she finds room. Variable speed grinding and no additional tool to move when she uses it. The coupler, grinding attachment, finger jig, and base will run about $150 which is still a lot less than a seperate grinder and jigs.