Any plans to make anything in particular?
Thats a pretty small unit, you wouldnt want to spend that much coinage to discover its not big enough for what you want to do.
Check out you local classifieds. I look through mine on a somewhat regular basis... today I found 4 or 5 lathes all within a couple hunnerd +/- of the cost for that grizzly. With care, any of these older lathes would outlast and outcut the grizzly and those like it. I dont mean to rain on your parade, but plastic gears can old do so much...
Then again maybe it would work just fine for what you want to do.
Unless you have limited space... then older lathes can be a problem. Like Flyinhillbilly, my lathe has a 6ft bed. With the headstock its just about 10ft long, and with the way the motor and gearbox (old car transmission
) its about 5ft deep at the headstock and over 6ft high.
Dont get me wrong, a small benchtop lathe would be great for small stuff. I do plan on getting one someday.