If you buy the Jet 1221 and stand your close to $1200. I have a Powermatic and a Jet lathe but I have not been impressed with the 1221. Although I would not own one (because of the lathes I already own) if I were you I would seriously look at the Grizzly G0766 for about $500 more than the Jet 1221. The reason is that for most folks who start turning and thus start with a mini/midi lathe soon want a bigger more powerful lathe. I had one of my students facing this exact question and pointed to the G0766 which he bought and for the most part is happy with it. He has had a few minor problems and says that they can sell it so cheap because the owner is their unpaid labor to fix issues. I have actually used the lathe and checked it out and I would not hesitate to tell a student about it. Now as far as variable speed you don't need it but once you have it you will always want it.