Chip,
You won't regret your lathe. It's an excellent lathe to learn on with the major drawback being that it has manual gears for threading rather than a quick-change gear box. As has already been pointed out in this thread, this is not a toy, but has enough mass -- at least for a small lathe -- to do some serious work in steel.
Two suggestions:
1.) Get an AXA Wedge Quick Change Tool Post kit (QCTP and five tool holders) from CDCO
http://www.cdcotools.com/ for about $120 plus shipping. The wedge-type QCTP costs a little more than the piston type, but in my opinion is far superior and well worth $9 difference. Also spring for $27 plus shipping and get a spare Compound Rest from Little Machine Shop
https://littlemachineshop.com/products/product_view.php?ProductID=2820&category=
Have the LMS compound milled to the specs below. Also, you might need to get a different gib than stock. LMS was able to help me. The QCTP enhances the lathe so much, you'll never go back.
Here is how my lathe looks with the QCTP. (I also made the top QCTP screw clamp with a black knob to match the tool holder clamp lever with red knob.
2. Another great enhancement that greatly expands the lathe's capacity is the addition of a 5-inch three-jaw chuck. LMS has both the chucks and the backplates, but you can find both cheaper with a little searching. (You can get a 5-inch three-jaw chuck from CDCO for $69.00 plus shipping. A 6-inch chuck is a little overkill, but has been done. If you go that route, be sure the jaw ends don't hit the ways.) The 8x12 spindle bearings are quite robust and easily handle the larger chucks.
One more suggestion is to remove the threading dial and store it except when you need it for threading.
You can buy spare parts and gears for this lathe from Harbor Freight, but they take about six months to ship.
Enjoy your new lathe!