Our team just recently bought a CNC mill before this year's season (we received it in August) and it worked great for everything we did. Our entire chassis was CNC machined (as seen in this post:
http://www.chiefdelphi.com/forums/sh...ighlight=4499). Although they are harder to learn and more expensive, the CNC knee mill is really the way to go for a lot of FIRST teams. We were able to cut not only 1/8" aluminum tubing but also huge blocks of both aluminum and steel, with remarkable precision and speed. We bought our mill used from a local shop for about $4000 and we haven't had any problems. It's an old machine but runs great (it looks just like this:
http://www.practicalmachinist.com/vb...ill-mill2.jpg). It was a great investment and has given us returns far in excess of what we paid for it.