I have one of the Chinese 7X12 lathes. When I first got it, cutting much of anything was a chore. I have heard these machine tools described as an assembled kit, and it pretty much describes mine. I have disassembled it, trued everything, lapped the ways and the gibs, and in the process gotten a nice education on lathe design and construction. After everything I have done, I can hold tolerances of .0002 to .0003". The only complaint I have is setting it up for threading. I would really, really, really like littlemachineshop.com to offer a quick change gear box for my lathe.
I have actually been thinking of making Lyman/RCBS sizing dies and offering them for sale to casters since they are so hard to come by lately.