I put my standing drill press together today, I was impressed with cast iron content and the assembly was pretty simple.
I needed it for the 400 or so 9/16" dia holes I have to drill for my new deck railing design that will use 1/2" dia. rebar as the horizontal rails. It was a bit of a struggle to get the drill motor assy to mount. Had to stand on 8" of lumber to get the height needed to mount it. On the 1st try, - no go. Why? Because the power cord was stuffed inside the mating hole. Duh.
Once I figured that out, I got the head on, tightened up all of the set screws and clamps. Connected the power, turned it on, and .....nothing. Pissed me off. Why? In thinking about it, I realized there was a metal contact that closes an interlock switch that won't allow the motor to turn on when the pully cover is open. Bent the tab a bit, closed the cover, and, viola!. the drill motor turned on.
Tomorrow, I starting cutting the vertical posts and will paint them. I've been thinking about this design for a couple of years, now I am making it a reality.
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I worked in town at a company called Fay-Scott back in the 80's - we built industrial machine tools - single/multi-gang drill presses. (Leland Gifford). Also. Reid surface grinders and Lees-Bradner CNC gear hobbers. So I appreciate a well made machine tool. 
Turn the motor on and there is NO vibration (1800 RPM) that would contribute to spindle run-out and effect drilling concentricity. If I had a dial indicator, I'd check the spindle run-out....bet it's less than .005".
Sounds like the right machine. I agree with the cast iron v steel, I've run a drill press or two in my time.
Just guess, but I could see no obvious run-out. If you have a dial indicator with a magnetic base, I could confirm. 
I can also say that's it's been about 15 years since I've operated one but to have a clean hole at the end of run is good. When preparing doweling, it matters.
I've never had the task of calibrating those, thank goodness!
As the rebars rusts, it will look like the house. Finally, getting to do some construction instead of just painting.
I will be coming out to inspect at some point. Until then, I'll need pictures!
On edit: It could be partaking of some herb before I start a project.
