I see that this thread is getting a bit long in the tooth. Thought I'd report on a newly received PM-1228VF-LB lathe that I'm setting up now.
The speed control is via a knob, not buttons. Perhaps a change in design? Anyway the speed is quite easy to adjust and responds immediately. The speed readout is still a bit funky, jumps up and down by 20 rpm or so randomly.
Here's a short list of additional "Good" and "Not so good":
Good:
1. Unit arrived undamaged, worked out of the box once installed.
2. All operations seem normal, cuts smooth and strong.
3. I'm in the camp that LIKES the fact that there are no safety guards nor spring-loaded chuck key. I probably would have removed them if it had them.
4. The inclusion of a feed rod PLUS the threading leadscrew is a plus, reduces wear on the leadscrew.
5. I LOVE the power crossfeed, although the control is a bit funky. You have to rotate a shaft and push up or down accordingly. I guess that's a safety feature.
6. I bought an AXA 100 QCTP on the 'bay. Super easy to mount, did not need any machining.
Not so good:
1. I was able to stall the spindle, the low-speed torque isn't great.
2. The paint job and overall cosmetics is pretty poor. There are many spots where they painted over joints, screw threads, bearings. Lots of chipping paint. This is going to be ugly soon. Also the main control panel is cracked in multiple places where the screws were over-tightened at the factory. Matt has said he'll replace any such parts (that's good), but I'm concerned about how easy/hard it will be to replace the panel since I'll have to fuss with the membrane switch overlay, LCD and removal of a handful of electrical components.
3. The speed control knob works ok, but it jumps from 30 to 100 rpm at the low end. The potentiometer (I think) has a bad spot. Again, perhaps a replacement will fix this, time will tell.
4. I don't like the fact that the feed reversal lever is buried inside the closed panel on the left and you need a wrench to actuate. Should be a knob or other easy access item. Even my mini-lathe had that.
5. The mounting for the feet is four in-line bolts, awkward for leveling purposes and it definitely needs leveling -- as originally mounted the cuts were tapered by 2-3 thousandths over a 5" distance. I got that to come in with shims, but it was not that easy.
6. Forget about running this on a GFCI outlet, I had to remove mine to use the lathe. Trips as soon as the motor is engaged.
Will report more as I find it. BTW I'm mounting an old Trav-A-Dial GB42 on it, one of my favorite tools. If anyone wants the STL file for a 3d printed mount specially designed for this machine and the GB42 please reply with your email.
Neil