I have larger lathes but I want a small one, and I've been eying the 7x16 micromark, I lke the forward and reverse feed, and it is on of the better lathes made by Sieg (odd name for an oriental company) but with a deal like chuck got a quick change tool post and 6 tool holders for 66.00 do it. I believe they both have the same power and infinite speed control.
One thing I don't know if what is the minimum feed per revolution, This will make all the difference in the world, to my mind as a machinist, I would want no more than .0005 as the minimum linear feed and about the same on the cross feed. as for the max feed somewhere around.003 to .005 per revolution for roughing . they look very well made, not a lot of plastic and I believe the bedways are induction hardened as are the 7x12Don't get me wrong, both are good, but the extra bed length will make a big difference, more to clean the grease off of but noting like a tear down to aquatint you with your machine .
I do believe you can purchase bed extensions for the 7x12 and most likely the 7x16, since i believe both are made br sieg, and they do make some good equipment.
But the main deciding factor for me would be the amount of travel on the lateral feed, the finer the better.