Steve, The Powermatic 2014 is far superior to the Shopsmith lathe function. However, the Shopsmith does so much more. You can't compare the two to each other. If you want a very good lathe get a designated lathe. I felt that the Powermatic 2014 met my needs and fit in my space available. If you want the the best multi tool machine then get the Shopsmith. I love them both at the present time.
I have purchased the PM 2014 with extension, and am thrilled with what it offers. I have built a stand instead of purchasing one. The extension allows a 20 inch swing, and the overall build seems heavy enough. No regrets...would do it all over again. One issue: l had set the remote switch on top of the headstock, with the buttons facing up. In short order, the unit malfunctioned. Tech support says dust got in around the buttons, causing the problem. Blow out with compressed air did not fix, so replacement is on the way. I was advised to position the control box in a vertical position. That box really should be dust proof, but is not.