I have a cheap Axminster bench morticer (sliding table jobbie): I love it.
Most of the time it's got a drill chuck in it and sits on the bench as a quick'n'dirty drill press (beware though - in that mode my small one has limited reach). As a morticer, it's made casements and lightweight window frames, and I'm working up to some traditional household doors.
Mine is the older version with a lever instead of a handwheel, and. as it's not fixed to the bench, it's possible to forget you need the projection at the front, and get half way through and then need to nudge the morticer a bit further forward. I have mixed feelings about the raiser block - it works, but mine isn't ground exactly parallel and needs a shim (I use kitchen foil).
As a drill you often need greater "quill" travel than it has, but you only find out when you set the thing up. So I occasionally find I've got it all ready, only to have to go to the floor standing press after all (nuisance as it's some distance away from the workshop - lack of space). Still useful to have that ability.
Top tips:
1. Buy a sharpening kit and get the chisels razor sharp - it really helps accuracy and ease of use (jams a lot less). Polish the sides and ensure they taper very, very slightly so the cutting edge is the widest bit (forget the silly TiN coatings - they don't hurt but they don't add anything, either). I think it's also worth smoothing the inside of the chisel and taking sharp edges off the slot with rat's tail and needle files - it eases the passage of chippings, which reduces friction, keeps the cutting end cooler (it still gets hot in softwood), and I think gives you a more accurate cut.
2. Experiment with coins to find the right thickness to set up the chisel-auger spacing. I have a 2p piece with a hole drilled so I can hang it on the morticer (a rare-earth magnet would do just as well: "coppers" are actually steel!). It varies a bit with the wood and chisel size. I find softwood is the worst thing to cut as it jams easily.
3. Lubricate the chisel and auger. I get good results with Liberon machine wax and PTFE spray-on dry lubricants. The chippings need to move up and out of the slot easily. Set the chisel up with the slot to the left or right, not facing to or away from you. Thus, when you're deepening a defined mortice the slot faces back along the path that's been travelled, so the chippings can escape into the just-cut space as soon as possible. It all reduces strain on the motor and I think you get a better cut.
4. For the model I have, I've replaced the Bristol levers with short Allen bolts (M5, I think). They don't get in the way or get knocked loose. I've also ditched the black side covers as they serve no purpose and get in the way.
5. Glue some sandpaper to the clamp's flat plate. Works a treat (no pressure - literally!)
Given it cost about the same as a good SDS drill (1/4 that of the big Domino), I think it's great. It's the older version of this one and does 1/2" in softwood with no trouble at all (haven't tried larger):