This has turned out to be an interesting thread with lots of informed opinions being expressed.
There are indeed drawbacks to old lathes, and I mentioned the unusual outboard thread on my viceroy being 1 1/4 x 9 which I haven't seen used anywhere else. I don't have a faceplate so I am going to have to make up an adapter ( and I'm not looking forward to that job). However the issue of build quality really should not be underestimated. If the OP can afford a good quality new lathe then all well and good but if it's a case of a hobby rated far east import then it is a different scenario as the build quality may be questionable. A brand new, shiny lathe with whistles and bells and easily obtained accessories is of little use if the basic construction isn't up to the job and the tool doesn't stay the course.
I know there are more suppliers than Axmnster around, but once again I would like to quote Axmnster's recommended usage for hobby rated machinery - expected maximum annual usage of 100 hours. I would not expect lathes from other suppliers at a similar price to be much different in build quality. So as long as people appreciate what they are getting for their money, I suppose a hobby rated lathe will be fine and the choice is a matter of individual preference, but I have gone for solid, British and reliable (yes, and perhaps old, heavy, basic and not especially well - specified) since I could not justify spending the £1000 plus cost of a good quality new lathe.
Once again - you pays your money and you takes your choice, but don't forget the other saying - buy cheap, buy twice.
K