1018 is good stuff for general work. Its cheap and machines pretty well, though you won't get the same surface finish you are used to on 12L14. One thing to keep in mind that 1018 is normally sold as cold rolled. What this means for you is no mill scale to deal with (good), but there are some residual stresses (bad). If you need to machine to precise dimensions you will have to take precautions, especially if you are machining two sides of the piece un-evenly. For example, if you take a skim pass on one face, and not the other, it's likely to want to curl up a bit.
This has never been a problem for me, but it's something I have heard others complain about, so I thought I would mention it. Perhaps others can add to that. I haven't done much work with 1018. I was lucky enough to snag a large piece of 3/4" low carbon flat stock early on.. and I made it count. For turning, I mostly stick with 12L14 unless I need to weld or heat treat the part.