I don't know that I can add a whole lot to what has already been said, but -- I use the philosophy of how often, how much and how hard will I use the item. I have a lot of their 3/4" pipe clamps, a super deal. I have their 21 gal, 3HP air compressor and hose reel and hose. I don't, at this point, use a lot of air tools or big paint sprayers, it works well for me. i have their three outlet retractable electric cord and it hasn't burned out yet. I too, have the 34706 lathe and for my limited use it works well, I will upgrade someday when I start turning big bowls etc (if that day ever comes). My brother built his own log house from trees on his mountain. He used a lot of HF hand tools which he considered disposable, such as big wood chisels. He would pound the heck out of them and then throw them away and buy more. When I bought my first trim router, I thought that I wouldn't use it much, just a little edge treatment for which I would keep the bit in so it was always ready to go. I find that I am using it more now and will be upgrading. The only real problem I had with it was the base was kinda' convex. I sanded it down flat on a belt sander. I can't see through the base now (except through the bit hole) but it is still working.
All said, determine how often how much and how hard you will use the item. The more often, the higher use frequency, the harder I would push it, I would buy a "brand" name such as Delta, DeWalt, Jet, Powermatic, etc. But, even then you have to watch what you get. None of the "majors" make all good tools. they all have their share of 'lemons'. I wouldn't use a HF table saw, I wouldn't use a HF router in my router table.
George