I'm a huge fan of Grizzly tools and have a shop full of them...Big bansaw, cabinet saw, etc. But, my personal opinion is that their lathes are not good quality. Yes they'll get the job done but many of their features are not well thought out and I think the quality is questionable from the ones I've looked at and read stories about. I will say that Grizzly has excellent customer service and will stand behind what they sell.
That lathe looks a heck of a lot like PSI's turncrafter series. I hear good things about some of PSI's lathes but I have no experience with them.
My advice would be to save your money and spend a couple hundred more on a Jet, Delta or Rikon.