jonesy, the matter of spindle bearings is one of the traditional spark plugs that has an inflammatory effect on lathe enthusiasts. I have a vague recollection that there may have been a classic period when the Sheraton had a white metal bearing and the Hercus didn't, resulting in even more sound and fury from the Sheraton people than usual.
I've never used a VFD on a lathe, but then I've never used a single-phase lathe except for an interim period of about 3-4 years when I converted a small turret lathe and used it as a general purpose one. Then I inherited the small toolroom lathe that I learned on as a twelve year old, and have been a lot happier ever since. I do think, though, that for a bench lathe like the Hercus, a single phase 1 hp motor is quite adequate. I've never found shifting belts across pulleys to be a big deal, it only takes a moment and doesn't disturb anything. It is a bit tedious if it is a double-reduction system with two successive belts, though.
Gadge, the subject of tariff protection, and what having it for 50 years did for or to Australia, is at least as inflammatory as the great Hercus/Sheraton debate. I expect it will probably come up in the context of the History superforum, as that develops. With the last few chunks of the tariff system's legacy being dismantled right now, it will probably bring out some strong opinions.