MM was pretty good to me with problems I had with my first lathe. They shipped me a new one and picked up the old one no problems. They also helped me out with my mill when the motor shorted out--gave me a new motor no charge even though it was out of warranty. So I wouldn't bash them until you find out if they give you a new one or not.
That said, MM doesn't advertise any more high-precision than any other SIEG branded lathe vendor does. They offer some xtra features (tru-inch,
cam-lock, longer bed, tach, no red goop). I don't think anyone expects the lathe to come custom shimmed to 10ths precision.