Bigger is better - to a point. My lathe is 4500# and I really don't want bigger - but I don't want anything smaller, either. Something I didn't see mentioned in the foregoing is that quality generally improves as you go bigger as well. There are exceptions, if you can find a SB 10" toolroom (under 300lbs) or a Myford Super7 or some other unicorn, those are very nice lightweight machines. They won't magically spin a few pounds off-center very well, but their build quality is excellent. With the imports, as rule of thumb I'd say quality is generally quite a bit better at ~1024 than it is on the smaller machines.
Figure out how much space and weight you could possibly handle and how much you could possibly spent (bearing in mind that you'll ultimately spend probably more than the lathe on accessories) and go right there without regrets. I've belonged to a number of machinists / model engineers clubs and never heard anyone complain about buying too much lathe - but I've heard a lot of complaints about buying too little, and known several people who went through 2-3 (and one person that went through 4(!!)) lathes before buying one they were satisfied with. If it means putting off your purchase for six months consider that time well invested. Particularly if you're tooling up for a lathe you get rid of in short order. Economy here is really about buying 'right' the first time.
(Full disclosure - my lathe is my second machine because the first wasn't satisfactory...)
GsT
Figure out how much space and weight you could possibly handle and how much you could possibly spent (bearing in mind that you'll ultimately spend probably more than the lathe on accessories) and go right there without regrets. I've belonged to a number of machinists / model engineers clubs and never heard anyone complain about buying too much lathe - but I've heard a lot of complaints about buying too little, and known several people who went through 2-3 (and one person that went through 4(!!)) lathes before buying one they were satisfied with. If it means putting off your purchase for six months consider that time well invested. Particularly if you're tooling up for a lathe you get rid of in short order. Economy here is really about buying 'right' the first time.
(Full disclosure - my lathe is my second machine because the first wasn't satisfactory...)
GsT