The answer depends very much on what the lathe is used for!
If the hobby is delicate watchmaking type work, then a watchmakers lathe is super for that: plain turning, collets, and hand-graving etc. They're for small objects that turn best at high speed, which is also needed for drilling holes less than 2 or 3mm diameter.
Mini-lathes are more general purpose. Compared with a watchmakers lathe, they're more powerful, able to handle considerably bigger jobs, screw-cut, and auto-feed the carriage. They come with accessories suitable for 'next size up' work – steadies, 3-jaw chuck, and a sturdy tailstock. Mine was excellent for learning 'big lathe' technique on, and I realised fairly quickly that it's chief fault was being a shade too small for the sort of work I do.
It's usually good advice to buy the biggest lathe you can afford. It's because big machines can be cajoled into doing small work, but small machines can't do big. But the advice assumes the owner does a wide range of work and isn't a specialist. Doing tiny turning on a giant lathe soon gets frustrating.
Workshop size is often a problem. I think one reason Myfords are so popular is that they're the perfect compromise size for a small workshop. They can be squeezed into a tight space but are big enough to tackle serious work. I think WM250 size Far Eastern lathes are popular for the same reason: more capable than a mini-lathe, but not monster big.
One way of deciding is to think about how much swarf your hobby will produce. A watchmakers lathe is a precision tool that takes forever to produce a significant amount of swarf. Lathes used by a busy hobbyist to make 5" scale locomotives or do repair work can create a bagful of swarf in a single session. Which best describes the work you want to do?
Dave
Edited By SillyOldDuffer on 31/01/2023 10:00:10