The "7x10" lathe is really a 7x8 if you measure the proper way, so the 7x12 is really 4" longer in the bedways. Unless you're using taper shank drills, it becomes a royal pain in the ass to drill larger holes. Also, you'll run out of room fast when chucking a piece of barstock to make a run of parts, where you turn an OD and part off over and over. (like making model car wheels
http://www.ares-server.com/Ares/Ares.asp?MerchantID=RET01229&Action=Catalog&Type=Product&ID=82710
Spend a few extra bucks on the machine, because the tooling and extras will be the major expense, trust me.
carbide tool holders + inserts
internal/external groovers and threaders
good quality drill chuck
4 jaw independant chuck
dial indicators and mag stands
quick change tool post
steady and follower rests
milling attachment + mill cutters
center drills, spotting drills
knurlers
Every trip to your favorite machine tool store will lighten your wallet...
I have an 18" machine at home, and it's a perfect size for a benchtop. Really doesn't take up much more space than my friends '7x10' but is much more capable.
