Looks like this is the three pully speed settings with variable speed within those model. Accordning to the manual its a 115v motor with a circuit board to control the speed (which I think varies the frequency). My rough understanding is that means it will have (relatively) low torque at low speeds (how much difference I don't know - that may be why the 500rpm minimum speed is set).
Low end of the speed is 500rpm so no unbalanced bowl blanks
My main question would be what do you want to use this for? Its pretty short, on the short side for chair legs even and small/light enough you wouldn't do a whole lot of bowl work. For things like pens, duck calls, spinning wheel hooks, drop spindles and the like it would be just dandy (I've kind of been thinking about a smaller lathe for stuff like that
the headstock on the PM can get in the road). If you could wrangle up the bed extension (or make one) it would be decent for most furniture work as well.
Review:
https://www.youtube.com/watch?v=LHQihq9ajIs
Manual/brochure/etc..:
http://www.jettools.com/eu/en/p/jml-1014vsi-10-x14-variable-speed-indexing-mini-lathe/708375VS
Historical new prices on amazon:
http://camelcamelcamel.com/1014VSI-...le-Indexing/product/B000MIWG6Q?context=browse (no longer sold it appears so I'd take the ~$500 as "new").
I think its in the right hand waving ballpark price wise if you look at the whole package. I'm making a bunch of guesses here about the accessories, they might be worth more or less than what I put down depending on the type and condition of them.
The 4 jaw chuck is worth somewhere around $100-150 new (depending on type) so say $75 of value there.
extra live center somewhere between $20 and $100 depending on type, so lets guess low end - $15 of value
Chisels ?depends wildly? but lets guess its some combination of HF/Benjamins Best quality and say $8-20 per new or around maybe $25-75 worth used
mandrels, maybe $20 worth used
so say $150 or so worth of extras (maybe $300+- new) and the bare lathe is now down to $250 which is about on the money at roughly 50% of new.