Zack,
Take a peek at this thread:
http://familywoodworking.org/forums/showthread.php?t=9385
See that lathe in the background? That's the machine to measure against. But... you'd have to say goodbye to something north of 5K. By all accounts, they're brilliant machines. We've got at least a couple members that have one.
Next step down is a Oneway. Somewhere around 4. Very, very nice. Lots of people stop their upgrade path right there.
The mustard path (Powermatic 3520B): we have several people who have them. I wish I did. You'll get out of the gate for about 1K less than for a oneway, but these are VERY highly rated. Very nice, very solid, high performance, everything you could want, and more.
Down 1K more, the nova variable speed. Great ratings. Lots of people say it's a little light, but you can solve that by building your own stand. People like them, and do great work on them... but some (not all) people wish they'd gotten a PM.
New kid on the block:
http://www.grizzly.com/products/16-x-42-Variable-Speed-Wood-Lathe/G0632 . Figure about 1.5K. I think two people here have them. Looks suspiciously like the Jet, but for a bit less. If I had that kind of money, that's what I'd get. But everyone will tell you how cheap I am!
That's pretty much the range without going lower. You may want to check out Jet and Laguna, just so you don't have any regrets.
I'm not giving any advice about what to buy. I just spend a fair amount of time surfing and dreaming...
Thanks,
Bill