I'm not familiar with that particular machine, but I do have a couple of Grizzly tools, and know several others that do as well. I've never had a problem with any of them, and actually prefer them in some ways- notably because the machines I have are made entirely of metal, and are assembled from commonly available parts, for the most part.
That's a big difference when you compare them to the average big box brands that include a lot of molded plastic and proprietary fasteners. I've never had to fix one, but just looking at them, it's easy to see that if I needed to repair a Grizzly tool, I could do with a welder and/or trip to the local hardware store rather than special ordering a part which may or may not even be availible.
The downside is one which is common to most tool brands these days- they're made in Asia somewhere, which means that the "discount" you're getting on the price comes at expense of possibly encouraging appalling labor practices abroad, and damaging domestic production- though at this point, I don't know that any of us have much choice about that!
I guess my feeling would be that for $425, it's well worth the price- especially with a 16" swing and a 2 hp motor. It looks a little light to me compared to my Delta (which is very similar to the Grizzly on the next page), but if those legs are the cast iron they appear to be, it's likely heavy enough.
It's like anything else- it's always nice to have the best, but if your particular skills don't require the best, there's no reason to waste the money on it. I can believe that there are professional turners who need a machine that has less than .0005" runout in the spindle, and a motor that can withstand running for 10-12 hours a day under a heavy load- but if you're not one of them, you don't necessarily need the same lathe as they do, and a $400 Grizzly will probably last you for many years and do everything you ask of it.