Hi Pat. Its a matter of what your considering this collet closer for. Collets give a high rate of repeatability and accuracy. Fine for production work. What collets lack is versatility. If you are a hobbyist my best guess is that you 3 jaw and 4 jaw (chucks) not to mention turning on centers, and mounting work on a face plate, may fill your needs well. I have a good old reliable Jet 1340 PBD and I have collet closer and many collets for it. I have made many parts on this lathe. Many for myself and some for others, and have used collets seldom. Mostly because, most of what I do is one of work. So if you have a run widgets being turned from a rod of stock, a collet closer may be just the ticket. Otherwise for one of work maybe not. Just my thoughts hope it helps.
Rick