I have the Rikon also and it is a good lathe. However, I got tired of changing speeds, even if it is easier than on the Jet. I bought the variable speed motor and controller from PSI and installed it on my Rikon. I really do enjoy the VS.
One complaint for me is that while the MT2 spindles are perfect, the threads and faceplate do not mount chucks as perfectly as they should. I heard how accurate the Beall chucks and mandrels were. So I ordered a Beall and tried it out. It was worse than MT2 mandrels. Finally I realized that it gets its precision by seating perfectly against the back plate, not by the threads. After working the back plate, turning, sanding, smoothing it considerably, the Beall did well but still not as good as my best MT2 mandrel setup (I have several). About the time of ordering the Beall, I ordered a Grizzly chuck and it had the same problems as the Beall. After reworking that backplate, the Grizzly worked OK but not with the perfection that I wanted.
I also had problems with the switch. I had to take it apart twice and clean the contacts about once a year. I will say that it was one of the first ones released after a reworking of something in the design in the summer and fall of 2005.