The cast stands make a noticeable difference too, you gotta get up in size on the new machines before you see the cast iron. I use CCMT inserts because I work with tool steels 99% of the time, you can run them at say 1,000 rpm but your better off using HSS at the lower speeds. I use both, but I prefer carbide insert tools, they save me time and work much better on the hard steels. I get okay finishes at 1400 with a RH turning tool, but it likes 1800 for the last couple cuts when its say a .300 drill rod.
2 hp from one source probably is not the same from another. Look at the motor's amp rating, that may give you a better idea of the real power. Precision Mathews has a 11x27 that has the features of a lager machine in a compact size with variable speed. I almost bought one, I ended up remolding my shop to make room for a 1236. They are about the same price. I looked hard at the Grizzly offerings and kept going back and forth comparing them to the PM machines. PM has similar models with nice refinements, that 11x27 is a really nice machine if you don't want a 1200 pounder.