I agree with Mike, the component of the small Chinese lathes most complained about is the drive electronics. I think there is a lot of evidence that these are not well engineered which makes them prone to early failure, probably due to overload. There was a rumour that they were sensitive to "power surges", but that doesn't square with the millions of electronic devices with always-on power supplies that carry on year after year without problems. When it does go you can fit a cheap one off eBay or a proper US or British made one from KB or Sprint (or just wait for an equally flaky replacement part!). By the way these DC drives don't have electrolytics smoothing high voltage like VFDs do, the component that goes is I think usually the output triac. The KB one I have on my CNC mill must be at least 20 years old and though I've managed to blow the fuse it has never let me down.
Apart from the drive there isn't much can go wrong with a lathe if it's treated with respect, whether "cheap Chinese" or British. They will get worn with use though.
VFDs rectify the mains and store a high voltage, ~400V, on a big electrolytic capacitor. These can go especially if they have been left discharged for a long time – if this happens "reforming" is recommended. People suggest that if you have a VFD it is best to just leave it switched on (obviously not running) to keep the caps charged, for long life.
Don't think a used Myford will necessarily have a more reliable drive! Lots of posts here from people with single phase induction motors that have failed due to the start or run capacitor going. Getting at the motor on an ML7 / S7 is a nightmare unless the lathe is free-standing well away from a wall. If you have to remove the motor then good luck getting the pulley off… And if it needs a new belt you have to dismantle the headstock – what a stupid design. (Or fit a link belt.) Also in my experience the S7 vibrates a lot at high speed, I think because the spindle is inherently unbalanced. In fact I find the highest speed range unusable. Basically the Myford 7 range was originally designed for low speeds up to maybe 800 rpm, for jewellery type work you probably want to run without vibration up to 2000. The S7 at least has a rolling bearing at the back of the spindle but still has a cone bearing at the front.
The OP's comments about CNC and finding the limits of the machine after a short period are actually based on a British designed and built machine from Ooznest. This is basically a gantry router – actually it looks to me like quite a nice machine but will always be limited when cutting harder metals. Jason mentions his X3-based machine but that's a very different animal, a "proper" column-type milling machine. Compared to the WorkBee it can manage much harder materials and is probably (much) more accurate but have a considerably smaller work area. When it comes to small, low cost CNC milling machines of reasonable quality these are thin on the ground. Here is where a used British machine might be a good bet, such as a Denford Novamill (which I have) or a Triac. Still pricey second-hand.
So I would recommend the best approach is to buy an imported lathe from a reputable supplier (such as Arc), one slightly bigger than you think you need. Look after it, don't over-stress the drive, be prepared to replace the electronics with something better when and if it blows. If you do feel patriotic then think of a Boxford rather than Myford – better machines to start with and less fashionable so cheaper.