Hello Chris.
I have had a Warco 1330 lathe for about eight years. Despite a few snags early on it is a very good machine. They are very heavily built, with a much deeper and heavier bed casting than the 1232 lathe and slightly better overall quality, Its design originates from the Harrison M300. As JasonB said, both these machines have power crossfeed. The quick change camlock spindles are also a real bonus.
The geared headstock is extremely quiet, better in fact than some belt drive lathes i have heared. I added a three phase motor and inverter which has just transformed it. I can't fault its accuracy and the accessories that came with it are excellent.
The 1232 lathe can be a good buy, but if you end up choosing between these two machines and can afford the extra, i would go for the 1330.
Incidently, Warco offer an improved version of the 1330, i think it's the WM 330 A. This has improved gearbox and electrical controls and i am sure it is the same price.
If you do decide to buy a smaller new machine, the WM280VF or 290VF are an excellent choice. The beds have very wide and chunky slideways, in fact i still fancy one myself. These lathes are based on the Wabeco D6000.
Toolco and Amadeal also offer versions of these machines, and might be worth a look to compare.
All the best.
Edited By Lathejack on 17/11/2012 20:20:55