I bought a smithy 1220XL about 12-15 years ago. and used it somewhat sparingly until about 5 years ago, then I started machining and welding stuff .
It's an OK machine for what it is - small. inexpensive low power lathe/mill.
Are you going to pump out production parts on one? No way. Can you do the occasional precision repair or make some custom stuff? Absolutely.
The major limitations to mine were:
1. The usual china made quality issues - I'd say smithy is a slight step up from most HF stuff. As long as the machine runs, you can make yourself replacement parts.
2. Power - My Smithy has a 1/2 or 3/4 Hp motor - it just doesn't have much grunt, which translates to very low depth of cut and feedrates which equates to very slow metal removal - which can be annoying if you've got to remove a lot of metal. You just have to go slow.
3. Size - I was afraid the bed length would be too short or not enough swing - but those have turned out fine. The crossslide, which is essentially the x axis on the mill is where I always run out of room.
4. Ridgidity - You have to watch for looseness all the time - tighten the gibs often, especially on the crosslide, and take all of the slop out of the machine. I can get good precision with it, but it's not easy.
5. Threading - works fine, but setting up the change gears is pretty time consuming.
Would I buy another? Certainly if I wanted to learn, had limited space and limited budget. Everyone would like to have a Bridgeport and a toolroom lathe at their disposal, but that's not practical for everyone. It worked good for me to learn on, and to understand what I really want.
I now have a Bridgeport and a Monarch 10EE and, yeah working with the Smithy is slightly frustrating when you have those machines available.