I went ahead last night and bought my first lathe. I wanted to take the advice of you guys but hated the thought of dropping more than 400$ for a Delta or Jet for my first lathe.
What I got is an Xtremediecast off ebay that sells for about 240$. Speeds are 760, 1100, 1600, 2200, 3200 rpm. I noticed that the smallest Jet had a range from 460 or so to just over 4000 so I am loosing a little bit of flexibility there.
It does have a #2MT, which from what I have read is better than the #1MT since you have more options. Maybe you guys can clue me in on that.
If everything goes well I may have a cheap lathe for sale in a few years so I can upgrade.