Lightman,
The 550 is no slouch and one of the best. I used to have two 1050’s and still kept the 550. It is perfect for smaller runs and for someone who wishes to use a progressive to load a lot of different calibers as the conversion kits are less expensive.
I sold one of the 1050’s as well as a 650 and a Star when I downsized and picked up another 550.
There are two downsides to the 550. One is that in order to add a powder check it is necessary to seat and crimp in one die...that is how the old Star operated. The second is that it does not autoindex. I believe autoindexing adds to the safety of operation as it makes double charging less likely when running something like .38, .357, 44 Mag .45 LC etc. The Star had a safety cam to prevent double charging. Having said all that, I still replaced three “better/faster” presses with a 550 when my needs changed.
If you ever upgrade, keep the 550. You will not regret it.