Gunsmithing would mostly use it in the vertical configuration, not the horizontal mill configuration.
I have a hard time believing Griz's copy that a DC motor is single phase
Or that a DC motor could not be controlled below 200 r.p.m.
$1k/ 268 lb = ~ $4/ pound
There are machines closer to $2/ pound
http://www.machinetoolonline.com/PM45MMill.html
I use a Rockwell 21-100 for gunsmithing.
My brother uses a Clausing 8520.
Those are great old used small knee mills if you can find them.
Here is a pic of me yesterday milling out a channel in a Douglas Fir 4x6.
The most precise wood working can be done on a mill.
Gun stocks can be inletted with a mill.
What does it all mean?
Mills are like micro wave ovens. They can do things you never thought of when you bought them.