I own that model. It is often a pain changing speeds (requires changing belts). It doesn't take that long, but if you are doing shaft repairs rather than building and need to keep your hands clean it is a pain.
The top speed of 1240 is relatively slow if you are going to be final sanding/polishing on it.
It is <probably> a little smoother than some of the gear lathes it is comparable to, but I'm not sure that makes up for the manual speed changes. The same model gear head costs more.
The feed rates are on the slow side compared to other similar machines...at least mine is.
It is certainly a good size for building. Mine was quite decent off the crate and jet is considered better than most of the imports, but individual mileage may vary.
Mine has suffered from some electrical problems that are fairly common....but again YMMV.
Kelly