The benefit of the Norton Gearbox is that there are no change gears for imperial threads, so one reason why it has been around for a very long time, You still need change gears to do metric threads and additional change gears to cover all the metric threads. I am not aware of any new lathes that cover both imperial and metric w/o change gears under 10K. It is a cost point of affordability, essentially you become the selector mechanism for the gears and you do not need to worry about oil seals. When you get into the light industrial lathes, or those with an ELS type system, there are no change gears other than for Mod/DP threads. The manual Sun Master lathes (ERL, RML, RC) that are sold under different names in the US do have true universal gearboxes with no change gears for both imperial and metric. Very nice if you do a lot of metric threading. Many of the lathes over 10K do have universal gearboxes.
Specific to the Pros/Cons on the 1340GT, it is one of the lowest cost Taiwanese lathes and a very comfortable size. It is very nicely built and overall quality is very good. It is a bit of a light weight machine so a little more prone to vibration and resonant points when using a VFD. The cross slide/carriage could be a bit heavier and there have been some cases where the cross slide nut has failed. They may need some head-stock alignment tweaking, in this price level it is almost a common procedure. Norton gearbox, it works, you need to address the dripping oil and a number of people have added a pump oiler system to distribute the oil more evenly and put a tray under it and be done with it. Proabably beats leaky gearboxes and changing out seals. The factory base was improved a long time ago so now is more rigid, or you can build your own if you have the means. The lathe otherwise is very smooth and can easily do sub 0.001" work. At the price point and the quality level, not a lot of other choices around at this quality level. Eisen has similar lathes, but they all come out at pretty much you get what you pay for. Although I have used my mill and lathe without a DRO at first, they both benefit significantly from a DRO, they reduce mistakes and you focus on the work as opposed to the dials. The lathe marking on the carriage travel dial are almost useless, it was some quirky number per rev.
I had mine for about 7 years, was my first lathe and a great all around lathe. There also an extensive amount of information written about it and also posted elsewhere, and very good support/warranty. The lathe is a starting point, how you set it up and equipment also has a bearing on how well it will perform. Expect to spend close to the price of lathe chucks, tooling, DRO, etc. it adds up.