When I started out, I bought a jet 1018 variable speed. I used it for years for pens. It's a great lathe. Then one day I got a great deal on a nova comet 2, so I bought it. I used it and while it is adequate, it is definitely not as nice in the fit and finish as the jet is. Also, it isn't as heavy as the jet, and that makes a difference. So I picked up a jet 1221 variable speed during Amazon's black Friday sales. It is an amazing lathe and exactly what I wanted. It's heavy, we'll made and a real dream to work with. I leave the pulley on the fastest speed, and with the electronic variable speed and digital read out, I have plenty of range for pens. I can turn it way down to sand and crank it up to turn resins, corian and acrylics.
There are three things I dislike about it.
1. The belt cover is plastic and rounded. I prefer the squares, metal style of my 1018, but it is my understanding that jet was sued for patent infringement or something and had to change their design. Jet used to make a 1220 model that had the square headstock design.
2. The tailstock creeps, even when you crank down on the handle. You can remedy this by ordering a tail stock clamping nut from a member here, Rick Ferrel (don't quote me on spelling).
3. The tail stock quill has a short "throw", meaning it only extends about 2.5 inches. In reality, you only have about 1.5 inches of travel because of the "self ejecting" capability. Basically, when you have something in the tailstock like a live center or drill chuck, the length of the morse taper is such that it is long enough to self eject when you retract the quill into the tailstock. The "live center, or other tool" also doesn't fully lock or seat in the quill until the quill has extended about 1.25 inches. From that point the quill will travel another, roughly 1.5 to 2 inches. So it's rather short.
However, almost all smaller or midi size lathes have the quill limitation.
Overall, I would highly recommend the jet 1221. For pens, it is about perfect. It will also allow you to make bottle stoppers, peppermills and small bowls or platters.
I've looked at the laguna 1216 and I don't think it is as nice as the jet. It's biggest limiting factor is the 16 inch distance between centers. It is almost or over capacity for drilling blanks and that alone is the main reason it dropped out of contention. You can buy the extension, but that bumps the price up to over 1k, where you can get the jet for 699 when it's on sale, like it is now at woodcraft and rockler.
Another possibility, but approaching the 2k price range is the new powermatic. It uses an integrated vfd to step the 220 motor down to 110 household current. But, it's $1800 or so.
Good luck with what ever you decide, drop me a pm (private conversation) if you want to chat about the 1221 more.