We got this one this season:
http://www.pts-tools.com/cgi/CGP2SRI...91135740322589
It has worked out well for our needs so far. The ability to precisely cutoff and tap 1/2" shaft has been a game changer. We have also been able to cut pockets to recess bearings into gears, machine custom intake pulleys out of plastic, and turn down hubs to thin them out. We haven't done any steel work on this lathe.
Changing speeds is a slow process, but we ran most of our operations at the lowest speed this year with the carbide lathe tools from harbor freight. Use oil/tap magic. Make sure you buy motor oil to keep everything running smooth.
I'm impressed by the number of safety interlocks on this lathe, it has an estop, a power off button, an interlocked chuck shield, and the belt/gearbox cover is interlocked.
Overall I think this lathe will be able to accomplish almost all of the lathe machining we could wish for at least for several years. I would recommend that you don't overthink this decision too much, the best lathe is the one you have.