I find myself in the same boat in that I'm starting out and am tempted by the small imports. However, in my case I have clear ideas of the things I want to fabricate and having been down the road of buying twice because I bought cheap once, I am wary of committing cash to any deal. What scares me about the imports is the potential lack of spares and support when the brown hits the round. On the other hand, finding spares for old iron isn't necessarily easier. At least when you buy a new import you have some sort of warranty from the local distributor.
I'll be honest, I would buy a small chinese mill and/or lathe in a heartbeat *IF* I already knew what I was doing and already had the equipment to correct any manufacturing defects, ie surface plate, straight edge, primary mill and lathe. I think it might be a fun little project turning a small chinese import into a tight and precise little machine. I have no doubt it can be done but it takes skill, time and equipment which could otherwise be spent making stuff the machine is intended for in the first place.
On the other hand, some guys get lucky and their cheapies turn out pretty good straight from the crate.