I think the crux of this lies in the future Karl. As others have quite rightly pointed out, if you can be certain that the Precision Pro will meet your needs in terms of capacity going forward, then my understanding is that it's a great little machine. As Brad mentioned, [MENTION=95]Walter[/MENTION] Hall reviewed it for Woodturning Magazine some time ago, and spoke very highly of it. I know that [MENTION=365]Neil Lawton[/MENTION] owns one and also speaks very highly of it, and I'm sure that many others here have one as well.
BUT, it's limitations are obvious, and for the sake of a couple of hundred quid (a fortune if you don't have it, I concede at the outset) you need to be certain that your wishes and dreams and aspirations are not going to outgrow the wee machine in the future.
Another consideration you may wish to take into account if looking at alternatives, is whether or not you feel that variable speed is desirable or not. For myself, I don't think I would ever buy a lathe without it, which would therefore preclude the Jet 1015 that you and others have mentioned. The 1015VS I notice is no longer available, which I suspect has a lot to do with the fact that although it sat nicely at a point that might have offered an alternative, it was fatally flawed to the point that many people, including me, sent ours back for a refund.
The Axminster 1416VS was the obvious alternative to the flawed Jet in my case, but I notice there is also a 1016VS, which in terms of price, is not too far removed from the Precision Pro. I don't believe that the quality of the Axi trade lathes is in doubt, so if the 1016VS has a capacity that you think might suit you going forward, that may be worth a look.