I have had a PM1340 for just over two years now. It replaced a very fine but old Swiss Emco V10-P.
I approach these machines made in Asia with a totally different mindset from many or even most. I'm sure they function quite well out of the box, but I'm also sure there were a number of compromises made to contain cost that could be improved upon after acquiring the machine. So I approached getting the PM1340 with a view that it was going to be a project - a kit if you will - that would need enhancement for perform to my very high (excessive?) level of standards and also have esthetic qualities I could take pride in. Some people have said I turned a sows ear into a silk purse. Fine.
The basic machine a very solid. And I've been into every aspect and every component when I completely dismantled the lathe to strip it of the marginal paint job and put on a quality paint job that will stand up in an industrial environment and not chip of you drop your finglernail file on it. The guts of the machine are certainly well made and adequate for the size and horsepower of the machine. I found no issues with the headstock, the spindle, the lead- and threading screws, apron, cross-slide or tailstock. The spindle was slightly out of line, but quickly dialed in if you know what you're doing. The feed and threading gearbox is a Norton style with open bottom that needs oil and the oil drips out into the drip tray. If you don't mind that style gearbox, this one is solid, but the oil distribution method that comes with the machine is marginal IMO. I had a problem with the leadscrew binding and the clutch slipping which turned out to be a bushing lubrication problem and received parts in short order to replace the bushing. The dial distance rings on the compound and cross slide were clearly for a different model, but that was rectified with quick ship of new parts. Matt at Precision Matthews has been very supportive and responsive when I've asked.
Overall, I am very happy with my PM1340, but I have done extensive customization of it to bring it to higher levels of performance and ease of use. In addition to striping it down and repainting the machine, I upgraded all the fasteners to higher quality, provisioned it for easy toolless oil changing of the headstock. I replaced the factory motor with a Baldor vector motor, with new pulleys and belt, and installed all new electronic controls including a VFD, proximity stop, coolant control, an jog joystick. I installed a magnetic scale DRO on the cross slide and carriage, and provisioned it for Fogbuster MQL coolant. I completely threw out the oil system for the Norton gearbox and made my own multi-point drip one-shot system for that aspect. Designed an build a custom Mitutoyo DRO on the tailstock, replaced all the handles with custom knurled stainless handles, added a tachometer and a spider to the spindle. I replaced the rubber bed wipers with felt versions, and made my own Set-True ER40 collet chuck. I also made a solid tool post mount that can swap out with the compound to get much better rigidity. And I made my own Torsion-beam based stand. Mark Jacobs did the controls and I will be forever grateful for his effort.
The full build log is here:
https://flic.kr/s/aHskYxDKzN
There is also a long earlier thread on this build here on H-M you can find here:
https://www.hobby-machinist.com/threads/pm1340-the-best-jacobs-full-custom-edition.58507/
For my needs, this machine performs very well and I get very aggressive machining 316 stainless steel at times. I am really glad to have the VFD and the additional torque of the vector motor at slow speeds, and the proximity stop takes all the pucker factor out of threading up to a shoulder.