Speaking of turning on an apple corer:
I have two friends that turn incredible stuff on lathes I wouldn't own. My friend Eric is on his second homemade lathe. For years he used a 3/4 hp open frame motor with no start capacitor (he would spin the piece by hand to start the motor) He was turning pieces up to 30" with that crappy little motor and his home made lathe Well Eric just sold a piece for $15,000! I did buy Eric a 3hp motor a few years ago. Eric developed incredible cutting techniques to overcome the underpowered motor he was using. He also uses non machined faceplates. They wobble and do not spin true, but with a waste block on them it doesn't matter.
My other buddy uses an old Walker Turner with a plane jane A/C motor in his turning business and probably makes at least $50,000 a year off that old lathe.
O.K. I might own a Walker Turner, but my point is most of us have way over bought on our equipment. I had Eric build me a lathe with a 45" X 48" turning capacity and quickly found I hated turning pieces larger than 14". I currently have a Vicmarc VL100:-)