Huntinco,
I have the smaller Grizzly lathe. You won't be dissapointed. It has built some very accurate rifles and is still continuing to build them. I kinda wish I would have gotten the larger version, but I am plenty happy with the smaller one. So far, I am pretty happy with it. I looked at the Jet Machines first, but decided to give this one a try. I like it alot better than the Jet and it seems to be a little more precise and tighter tolences. When I go to get a larger one, I will definitely look at the big Gunsmith lathe, although the large 14x40 Jet is a very good machine.
Just depends on how much work you are wanting to do. If you just want to build your own rifles and save some money, then get the smaller Grizzly lathe.