I've owned one and used others of the mill/drill/lathe combos. As others have mentioned, they are not as good a choice as having two separate machines, especially if you need to switch back and forth between milling/drilling and turning operations. This is because of time consuming setups for each changeover.
There are four other issues to consider with most of them, in large part with regard to the milling function. In no particular order, these are: 1. Compared to a conventional mill the rigidity and precision is noticeably less, especially the precision. This is mainly due to the quill and some of them are little better than a drill press with an X/Y table attached. 2. The distance from the spindle/chuck to the table often requires "building up" a support means under smaller work pieces. This is a major, time consuming issue, especially for those models that do not have an adjustable height milling head, which is most of them. 3. The distance from the mill/drill spindle to the front of the lathe chuck is typically small, thereby limiting the Y capacity of the milling operation. 4. A rule of thumb for metal working machines is that you should expect to spend as much on tooling, holding and measuring accessories as you do on the machine itself - or more.
The "somewhat/significant" exception to these issues would be the Smithy Granite Max/Industrial version with the extended head giving you about 8.5" vs. more typically less than 5" mill/drill spindle to lathe chuck face clearance (Y). It also has the adjustable height milling head to get you closer to the table and a superior quill design for milling accuracy. Many of the older Smithy's are not similarly designed. Regardless, it is still certainly not a HAAS.
It is the only one of these combos I would consider IF I were to ever buy one again as its build quality is generally better than the others as well but, unlike the others, finding used ones is difficult. I should clarify that I'm not a current owner, have not been for a number of years so things may have changed and have no connection to Smitty. I have heard that their sales staff are pretty aggressive but don't know.
All that said, there is a place for them where space is a real issue, you're not doing many changeovers between milling/drilling and turning (an issue for all INCLUDING the Smithy Granite Max) and you're not a production shop doing a variety of items.
Shopbot Buddy BT48-12z alpha
2', 4', 8' Powersticks
Shopbot indexer
Shopbot airdrill
4hp HSD spindle
Aspire 4.5