I have a Seneca Falls machine I paid $300 for. This one has more parts than I got, like the 4 jaw chuck and steady rest but it lacks the taper attachment if that matters.
But, I've put a bunch of time and money into my machine this year making it into something useful. Limitations you will have are no quick change toolpost or gearbox, and limited speeds with the plain bearings. In retrospect I probably should have sold my 100-year-old machine and purchased something else.
If you can pick it up for a few hundred and just want to get started turning metal cheap then you probably won't be disappointed. If however you want to build precision parts from modern materials, and you have a budget that will get you near $1500 I would definitely look for something newer.
Cheers,
John