If that's the size you're looking for, go for the G0704. It's a little bigger and not much more. Also, it has quite an aftermarket for mods (CNC conversions, motor upgrades, Tormach Tool System adapter, and belt drive kits - "Hoss" will become familiar after some light research).
If you have a little more cash, get a
PM-30MV-L (these are also the same basic mill as the Grizzly series you posted). I bought one and it is quite a nice machine (
pic of mine on pallet). As with almost any mill, it is time well spent to take it apart, clean, grease and lube the ways, reassemble, and tram before use. You'll notice a huge increase in smoothness and feel.
That being said, I've spent more than the mill on tooling and CNC conversion components. Most of my tooling came from
Glacern. They have very good Black Friday sales and are great quality for the dollar. I got cutters (cheap and highly likely to break while learning the machine capabilities) from
Shars (I got a 3" boring head from them and it is OK - nothing to write home about, but does do the job decently). I'd recommend cheap cutters when students are using it.
A Bridgeport knee mill is still a great option, but it is heavy (forklift required) and doesn't run on 115V. A used one isn't that much more than the PM mill I posted, but it provides a new set of challenges to take into consideration.