Have you considered this lathe? This is a Harbor Freight model.
http://www.harborfreight.com/8-inch-x-12-inch-bench-top-wood-lathe-95607.html
After much thought, fear and frustration from considering all the differing points of view, I finally purchased this lathe. And I have been very happy.
I heard all the talk about most pen turners owning Jets, that Rikon makes a great lathe too for the price, the "new" Delta is the best available, etc. But for turning pens, every one of these lathes is more than you need.
My brother purchased a Jet pen-making lathe (the one that was discontinued about 6-8 years ago) and we have now made several dozen pens on it without difficulty. And it has only a 1/12 HP motor! So ANY of these units will give you more than enough power for turning pens.
This HF has VS, which I absolutely love. I would not have another lathe without it. I have had no issues with it, and bought the two year extended warranty just in case. The best part of this is that with the money I saved on buying a cheaper lathe, I was able to spend on more accessories and good turning tools, which in my opinion allowed me to become a better turner more rapidly.
If you would feel better about spending a bit more, then the new Rikon VS is on sale at Woodcraft for just under $300. That too is a high quality product. I have turner friends who use the Rikon, Jet and Delta, so I have heard extensively about them all. If you need to turn bigger objects, then a bigger lathe might be justified. But I decided that I would start with pens, and then progress if I felt I had additional interests, and could buy accordingly down the road. But it so often comes down to, "Are you really going to buy a 5 HP, 60 gallon compressor to air your bicycle tire?"
I hope this helps.