Dusty;
I enjoy hanging out on
http://www.owwm.com (known as the mothership) and .org (the forum) (info for those that may want to check it out). There are always good threads going and some really great photos posted. For those that don't know, owwm is basically a large (and growing) group of woodworkers dedicated to preserving American made woodworking machinery from the beginning of industrialization (1880's or so) to present. They classify a machine as OWWM so long as it's at least 20 years old and made in the USA. Some of the restorations these guys undertake are amazing, taking rusty junk that's had a tree growing through it and completely rebuilding it: machining new parts as necessary, busting rust, new paint, etc. until the machine looks like it just came out of the factory! There are only a few photos of Shopsmiths, predominately 10ERs, a few MK V's, maybe a Sawsmith. I've posted a couple of photos of my vintage table saw and bandsaw, but haven't yet posted any photos of my '62 Goldie SS. We need to get photos of our Greenies, Goldies, 10ERs, MK VII's, etc. on the site. There's an additional plus to think about : my insurance guy told me that posting photos of my machinery to the site is acceptable record of my property in the event my shop burns down or gets relocated to another state by a tornado. I've only got two truly new machines: a Rigid contractor's saw and a little bitty Ryobi belt/disc sander. Everything else is vintage machinery.
Now, puttn, my answer to your question (You guys have been down that road--what do you find, working with precision machinery or machinery that just gets the job done and doesn't break the bank?) I like machinery that gets the job done. With a little (or a lot, depending on the situation) effort, virtually any machine can be made to be extremely accurate. However, the higher quality machinery (and more expensive) are a lot easier to adjust for accuracy than your cheaply made items. In essence: you get what you pay for. I've learned quite a bit about making machines accurate working on and tweaking the vintage stuff I own. Adjusting my SS is about as easy as it gets. If I remember correctly, I brought home my SS about five years ago, adjusted everything according to the manuals, and haven't made an adjustment since. Maybe a tweak here or there, but overall nothing major. Mind you, in that time I've loaded everything into a trailer, hauled it cross-country, moved into storage, moved it out of storage, loaded it into a truck, moved into a shop, etc. And with all of the banging and knocking about that my SS received (including a big dent in the top of the headstock), I haven't had to do any major tune-ups since my initial adjustments were made. That really says something about quality machinery.
I have, over the years, gravitated towards vintage machinery because you CANNOT get that kind of quality today unless you can afford to pay thousands of dollars for it, and then you're still getting something made out of thin sheet metal. I did a cost comparison a few months ago between what I have spent and what it would cost me new. For what I've paid for used industrial grade machinery, and I include my SS in this category because of it's longevity, I could've outfitted my shop with modern "contractor" grade machinery which definitely wouldn't have been able to stand up to the use my machinery sees. Mind you, I'm not in the shop every day (wish I was, though), but when I am, I'm WORKING, and my machinery is working!
My recommendation is to do what we all have done when we started out: buy the best you can afford (and afford to not make your better half angry:) ). You'll be a lot happier in the long run. A cheaply (is that a word?) made machine can easily ruin your project, your day, and your attitude about woodworking.
And, as time goes by and your experience and enthusiasm grow, you can always upgrade. And, most of all, you can't go wrong with Shopsmith. As I've stated before: even with all of the machinery I've got, I WILL NOT part with my SS. It's simply too good of a machine.