Hi, Bob. I have the small 5 speed drill press that is the same as Harbor Freights and I love it. I have even seen this used lin light industrial applications. Their pipe clamps are better than those orange, name brand ones. A buddy of mine bought their tablesaw and was very unhappy with it.
My feeling is that I would generally stay away from the electric tools or anything that requires great precision, but other than that, I think that they are great for occasional use.