I've had two Smithys. Don't remember the first model...not very impressed with it.
The second one was a Granite 1324. It worked okay for milling...just make sure whatever axes you are NOT cutting in are locked down firmly. Speaking of which, locking down the column had to be done in stages. With milling, light cuts was the key to accurate work.
As a lathe the Granite did very well...with the exception of threading. Any facing, drilling, boring, or turning it did well. With threading it would do great until you were on the third or fourth pass. At this time the half-nut would only partially engage or, if engaged properly, the leadscrew clutch would let go and hose your threads. Supposedly they have that all worked out now.
With much use, the holes in the speed selector plate start to wallow.
Also, when cutting hard metals, the motor would get VERY hot...it really needs to be a 220V (which is an option). The 110V doesn't like the slow speed/high torque needed for hard metal.
I'm in the market again but won't get a 3-in-1. Grizzly ( http://www.grizzly.com ) has good dedicated lathes and I just found out about Precision Matthews ( http://www.machinetoolonline.com/index.html ). Both have reputations for exceptional customer service in the hobby/small production machinist world. Grizzly has 3 HUGE warehouses to ship from. Precision Matthews is a small operation and you may have to wait.
Though it may have changed, the customer service at Smithy was not as good as it could have been.
Honestly I didn't intend to get the Granite but the widow selling it had it listed for a long time. Only like two people made lowball offers. I told her I wasn't intersted but would appraise it for her. When I got there she said "You're the only helpful person. Give me $10 and it's yours. And that bench. Better take that bandsaw too. My husband needed the engine lift to move it, so take that as well."
Someone stole the engine lift. Sold the machine after I put several hundred hours on it.