The 1220 is a rock solid performer. I am a member of the Smithy group on Yahoo and them fellers get them to do some literally amazing things. 3-n-1 machines are a trade off and do have issues with tramming and rigidity, but for a bigger bang for the buck on a tight budget I don't think they can be beat. The 1220 has been around for a long time so there is plenty of tooling and there are several real experts with them who will be glad to help if you get stuck. If I had to make a decision on seperate and smaller or combined and compact I would go the combined route again. I'm pretty happy with my 3-N-1 and have no plans to replace it. I will just add a larger mill to the shop later on, if I live that long...
Bob