Steve,
You started a great thread.
Having had a little to do with one, I greatly respect the Raglan 5 inch. In my view, superior to the 7 Series Myford.
I have used a most basic lathe, a Loughborough training lathe. All movements are "mandraulic", but a useable machine. I get on better with it than the Colchester in the same workshop, but that is because of unfamiliarity..
For many years,I had wanted a lathe but could not afford one. One day, a friend, who did a bit of dealing as an aside from his small engineering business had one and kindly sold it to me for what he had paid for it.
That was a ML7. Over time, it acquired upgrades, Micrometer dials, Leadscrew handwheel, long Cross Slide, new countershaft and bushes, and Rodney milling attachment and an early twin swivel vertical slide.
Eventually, frustration with the 2 MT Headstock and the flapping about while milling (Possibly me being too heavy handed ) led to it being sold.
The replacement was / is a heavier, larger (12 x 24 ) far eastern lathe, with a 5 MT Mandrel, and screw on chucks, with locking dogs. With a VFD fitted (wired and programmed ) it was, delivered and placed on the bench, a quarter of the cost of the latest Myford 7 Series, with the same accessories, but no PCF. (2003 prices )
The importer was owned by an ex tool room man, so probably more closely checked quality than most.
It is really Metric, but is dual dialled, so suits me, as mostly, I work in Imperial, because nearly all of my measuring kit is Imperial.
Problems? Yes.
The tumbler reverse gears and spindles were changed under warranty, but still noisy. So, at what seemed great cost, replaced by Nylon ones from a UK gear supplier.
One ball lubricator was totally inaccessible. (Not any more! )
From the outset, it has been more versatile, Power feeds on both axes, Imperial or Metric threads with no more than repositioning a 120 /127T gear. (Sadly, this "rings, but is tolerable. )
What seemed to be belt slip, was a lever slipping on an inadequently dimpled shaft. Fairly easily cured.
Has it been modified? Yes, in small respects.
The bolt for the Fixed Steady has been made captive.
The Thread Indicator dial has been moved, as was the ball oiler, and during the work to repair inattention on my part, the roll pins in both the Leadscrew and Power feed shaft have been replaced by hollow brass shear pins.
The 40T input gear to the Norton box has been replaced by a shop made 80T, to reduce the feed rate.
Having done that, stupidity on my part has caused a couple of scrap threads!
Over all, am I pleased with it? Yes. With a little fine tuning, it does what I want.
(Will never claim to be skilled enough to make models )
With a Tangential turning tool, it surprises me by being able to take cuts as small as 0.0005" a side, or with a carbide tip 0.100" deep.
The accuracy of the handwheel dial on the saddle surprises me.
There are times when I wish that I still had the Myford ML7, as a spare for the times when it would be inadvisable or inconvenient to break down a job in the big lathe. Instead, those eventualities are now covered by a very rarely used, secondhand, relatively new, mini lathe (which has received a few minor mods, of course! )..This lives in the garage, since there is no room for it in the small workshop
Refurbishing a worn old machine? I lack the confidence to do that, being afraid of pulling it apart and after reassembly, not being able to reproduce the accuracy of when it was even fairly new.
I just wouldn't want to bite off more than I could chew.
But faint heart never won fair lady. With care and attention to detail, it can be done. Fine tuning provides a great deal of satisfaction, as well as a machine that may, in some respects surpass what left the factory.
(I have just helped a friend convert the oil sealing arrangements on his elderly far eastern machine to items that are readily available  
We all differ, and have different needs and aspirations, so each to their own.
Howard.