I have a 1955 Mark V. Bought it used spring of 07. Built my trailer with it and hand tools. Yes the table saw is not the greatest, specially the first one. Later on they made a much larger table and a whole mess of additional tables/rails for it. But if you have your saw blades on their own mandrels you can swap blades in a flash. That is the one place it really shines. The drill press set up is pretty good for wood working and now I seldom use my stand alone for wood work, and seldom use the shopsmith for metal. The lath is pretty good, change speeds with a twist of the dial. The band saw is not all that great but it is a whole lot better than most of the sub 14 band saws. The 4 inch jointer is, well, small.
What I really like is the 12 inch disk sander. That makes me want to hug it. And i might get another disk so I can swap grits fast like the table saw blades. I have also made me a set of disks from MDF, and a guide so I can sharpen hand plane blades and hand chisels with it, sort of like a Work sharp but a whole lot larger. And they are sharp, I am wearing a bandage on my finger right now from where I grabbed a hand plane last friday that I thought the blade was retracted. And I can cut hair off my arm with them but not quite up to calling it "shaving" need to do better.
If you have a project that is well planned out the swapping from one operation to another will not be that hard. The Shopsmith site has videos someplace on it. Parts break downs.
If you buy parts from Shopsmith it some times take a long time to get them as they have to have their suppliers build it. I don't think SS actually builds anything these days.
Really for an entry level a used Shopsmith is pretty good. Just don't get turned off of wood working because of the table saw. I now have a real cabinet table saw and haven't chucked up a saw blade in the SS since I got it.
Heck, Andy Rooney had one for many years and I never heard him do a rant on it.
Randy