Although I have never seen a 254 in the flesh, I believe they developed it from the Raglan 5”.
Apart from perhaps being a little more modern, having immersion lubrication and being slightly more ‘user friendly’ I still think the Raglan 5” can be a better option.
I shall not be swapping my 5” for a 254 – as they are far too expensive in comparison. A good Raglan with more accessories than one needs, when starting out, might well be less than a grand (even a good deal less).
Of course, one needs to know what one is buying, but the beds are very long-lived, the lead screw is only used for threading and the infinitely variable speed selection within the speed range is good. They are a delight to use compared to the earlier Little John (still a good lathe, mind) what with the improvements made and that auto long-travel trip, (which gets used very regularly).
I hunted round for several months before finding mine – but I was in no hurry as I already had a Little John. Expect a ‘more urgent’ purchase to cost a fair bit more….