Pros: Compact and very well built. Friendly company and great users groups.
Cons: Bit Pricey, but such is life.
I have been working on a late model Shopsmith 510 Mark V for a while now and I can honestly say I have been very happy with my investment. I have to call it an investment because I have been trying to find cheap or unwanted used Shopsmith accessories and they go really fast at close to new price. The initial setup takes a bit of time but the documentation is quite clear and once you get it dialed in it is a joy to behold. The switching between modes(table saw to planer, band saw to lathe) takes between one and two minutes total. If you can't do the changeovers that fast and efficiently perhaps you should stay away from machinery. I purchased the 5/8 inch arbor and dado arbor from Shopsmith on sale, that way I can buy standard blades from anyone who has a great deal. In hindsight I think I should have checked into the 520 fence system, most people say it is worth the money. You should consider this tool if you are skilled or want to become skilled at fine woodworking. There is nothing you can't do on this machine after making a few home made jigs and table extensions. Don't buy it if you don't want to spend the time learning how to work with it.