In all the euphoria, don't lose common sense. I think most of the guys that are cheering you on already have a wood lathe. This tool is from Harbor Freight, you can look up its new value on their site. Combination machines like that don't have a good rep., I only see them recommended for people who have a real space problem. They tend to be always in the wrong mode, and switchover is nowhere near as quick as with say a Shopsmith. You generally have to unbolt things, using wrenches and stuff, not just loosen a few handwheels. Most people who I've talked to that own one will say they'd rather have separate lathe and mill, the compromises in either mode are many and are pretty limiting. I can't judge size vey well - it does not have a lot of distance between centers. When you put a 2-barrel mandrel on, can you load and unload barrels w/o taking the tailstock off? Do you want to turn pens with woodworking tools on this, by adding a rest, or just metalworking tools? Are you planning on grabbing a mandrel in that 3-jaw chuck? Be aware that working around such a chuck with hand tools is very dangerous. Same ges for sanding. Does the spindle have a morse taper? The jaws on that chuck *WILL* smash your fingers! What is the column to cross-slide distance? And spindle stroke? You may not be able to mount a drill chuck and drill bit on top and a vise to hold the blank on the mill table.
If this is an add-on and you're looking for a compact, small metal shop, this may meet your needs. If that'd be your primary pen lathe, take a very careful look at capacities. Good luck with your decision!