Tons of spindle wobble. I upgraded the spindle and that helped, but it's still pretty bad.

I've actually had this model for 15 years now. I do both metal and wood working. Most of my drilling is with 1/2 to 1 inch twist bits in mild steel. The power is very good, the belts are impossible to get tight though even with belt dressing they slip which I guess is good for safety when a chunk if steel binds. The bad:
The support structure does flex a little with pressure. The knobs are all cheapy rubber and break off.
Overall a great machine for the money. If you are going to use it more than occasionally though I would recommend stepping up to the powermatic.

My copy of this drill press has a spindle runout of about 0.0003" or less. The table seems beefy and the column is fat and sturdy. The handles are long and the quill is rigid. I like this drill press now that I have set it up, and will keep it even though I also have another nice drill press. The slowest rpm of 140 is really useful.

Here are the reasons I took off a star:

The base is kind of small.
The head vibrates a little bit (but it could just be cheap belts).
I had to straighten the rack gear before installing it.
I had to file dings out of the worm gear that drives the pinion.
I added a few washers between the locking handles and the castings for far smoother tightening.

When I first pulled down the quill, it made a crunchy sound and was covered in casting sand with far too little grease. So, I removed the quill and lever-arm gear to clean it out. The grease that I found was dried up and blackish thick, almost crumbly. The bearing surfaces of the head were coated in fine grit. I cleaned everything, removed the sand and bad grease, then re-greased everything with new grease. Now it is smooth and feels great.

So, I suppose it's worth $395 after being cleaned and properly lubricated. It feels solid like it will last a while. Most of my issues with the drill press are minor things that anyone setting up a new tool has encountered, but I was surprised that it needed to be cleaned and greased.

Great drill press. Easy assembly, low noise and almost zero vibration. Set screw for collar ring was missing but they sent me one within a week. This is a heavy unit so it must be very well mounted ( I used two 4 x 4 3/4 inch MDF mounted to the pallet the unit was delivered on ). Also used with sanding drum with no issues at all. Worm gear for the table is a little sloppy ( side to side movement ) but this has not been an operational issue. Threaded post and hub style depth stop included on unit. This is a great deal for the money.

I would have given 5 stars but I was missing the worm gear to adjust the table when it arrived. A quick call to customer service and that had the part out to me in 3 days. For the price you can't beat this drill press. A solid smooth running machine with plenty of power to get the job done. The added light is a blessing and I love the Delta/Jet type depth stop.