The question is what do you want to make? Are you looking for a lathe or all 5 tools that the shop smith provides? If you are looking only for a lathe, I think you would be better off buying a used lathe for $400. If you want the multi tool function, it is a reasonable way to go to get the table saw, lathe, and drill press.
I have a Mark V 500. It was good when I did not have the shop space. I used it while building our house and it was great. I have since replaced the major Shop Smith functions with stationary tools. As easy as change overs are, it is always better to have dedicated machines if you have the space and money. I have also found that the stationary tools are more accurate.