I've got that same mill/lathe combo in picture 1. While the lathe doesn't have an autofeed, I've still found it to be acceptable for the kind of work I do. The mill on the other hand is a pretty poor excuse for a milling machine. It works fine for small, light work, but the turret doesn't lock down securely enough and more than once I have ruined a piece when it suddenly decided to rotate a few degrees under load. If you're doing a bigger project, (I've inlet a few gun stocks now with my mill), the presence of the lathe and the relatively short adjustment length of your y and z axis will be limiting. It's just hard to mill anything that's more than about 3" high or needs a continuous line cut of more than about 8".
Still, for $250 you can't beat it. I paid $500 for mine and if I had it to do over again I'd plan on spending probably three or four times that for two separate machines, (some day I plan on doing just that). At the time though, I thought I was already spending a lot of money for something that I didn't know much about and might turn out to be unnecessary. My fears were unfounded however. If you're a tinkerer, a mill and a lathe will turn out to be two of the most useful tools you own.