I have owned a mill/drill for almost forty years. They do have limitations. They are lighter in weight and lack the rigidity of a Bridgeport class machine. You do have to plan your work to avoid having to raise/lower the head if work registration is critical. There are work-arounds, however. To solve the problem of having to raise the head when changing from an end mill to a drill, I purchased a set of R8 collets and use a collet to mount my drills. The difference in tool offsets is now only a couple of inches.
In the event of having to raise/lower the head, the problem can be reduced to having to re-register the machine to your work. I installed a 3 axis DRO on my mill/drill. With that, and a rotary table, I was able to do some high precision four axis machining. In the case where machining destroys my original reference, I will mount a small cylinder on end off to the side and use my edge finder to set 0.0.0 in my absolute coordinate system at the center of the top of the cylinder. My work coordinate system is referenced to the absolute coordinate system so registration is restored.
The lack of rigidity means that you will be taking smaller cuts but you can still get the job done. I installed a 3 axis DRO on my mill/drill. With that, and a rotary table, I was able to do some high precision four axis machining.
I have a Tormach CNC mill now but I still go back to my mill/drill for various tasks. For a hobby shop, it is a great choice.