I think the author is a bit spoiled to say the least. It sounds like he's describing my 1916 Seneca Falls Star #20 lathe. The major differences between them is the Star lathe is 10" x 60", has a 3/4" bore, and was originally a line shaft driven machine. It has even fewer features, like no taper attachment or thread dial, but it's served me and 2 previous generations of the family with no problems. I must say the unhardened ways on my machine have worn a bit. Right at the headstock they've worn a little less than .010". That's not bad for 107 years of service with the first 55 or so in a commercial machine shop.
Over the years I've threaded hundreds of parts with both internal and external threads. It takes a little more time, and a little more attention, but it can be done if you want to do it. As for a taper attachment I've owned 3 lathes and operated another dozen or so different brands. Of all those lathes only 2 in commercial shops had taper attachments. It's another one of those things that can be done if you're willing to put in the time and effort.
I must say a quick-change gear box for threading is a nice convenience. Years ago, I was making a chuck backplate for the Star spindle using the lathe itself to do it. Fortunately, I was making a practice piece when I realized I'd chosen the wrong change gear. Instead of turning a 1 7/16-12 thread I was turning a 1 7/16-11 1/2 thread. For the life of me I couldn't get my properly threaded test plug to fit. It took me nearly an hour to figure out I'd chosen a wrong gear. At the time I had no idea what an 11 1/2 tpi thread would fit. It wasn't until about 5 years ago that I realized that was the standard size for a garden hose.
The lesson was learned with no damage. Now days every time I go the thread something on this machine I double and triple check that I have the right combination of gears installed.