As with everything, you get what you pay for! I defiantly wouldn't buy any Machine Mart or Chinese machine tools, as they will be flimsy and not accurate at all! Oh, and just because they have a nice shiny ground bed and slides, it doesn't mean they are flat......
A Myford 7 is a great lathe, and you can get some great attachments for them, but the most important thing is that the Headstock Bearings (the ones that support the main shaft behind the chuck / faceplate) are in good condition without wear. If these are worn, you will struggle to maintain roundness and any accuracy. The other thing to look out for is wear on the bed, some lathes have only been used for machining short axial distances away from the headstock, so the Saddle/Carriage may only have moved back and forth in the first few inches of the bed, which may be worn badly, and the rest of the bed towards the tailstock end may never have been used! So, the 7 is a good all round lathe, BUT for relatively small items, and for light cuts.
I personally wouldn't go for anything smaller than a Colchester Student, its strong, rugged, can be used for turning decent sized parts, has an inbuilt suds tank etc. There were thousands of these built for training colleges, tool rooms and light industrial use. The Colchester Master has a longer bed, and that is also useful for cranks etc. Harrison made similar size lathes to Colchester, and these are equally as good. They will all be 3 phase electric, so you will need a 3 phase converter to use it at home on single phase electric, or you can change the motor for a single phase motor, but this has mixed results.....
One thing I have found, is that it doesn't matter what size lathe you get, it will always be just too small for your next job.........
Milling machine wise, this is more of a minefield.... Horizontal, Vertical, Universal? As Moke Spider said, you need a machine with a large mass to minimise vibration when machining, and milling machines take up a lot of floor space.
Pillar Drill wise, go for a floor mounted one, otherwise you will always struggle to get things under the chuck. Also, get a pillar drill where the headstock has a Morse Taper in it, so that you can remove the Chuck and fit bigger drills, Reamers etc.
There are a few pointers to consider:
1) Whatever machine tool you buy, treat it with the upmost respect as it will kill you. I'm not scare mongering, it's fact. If you don't know what you are doing, leave well alone.
2) Buy the best you can afford, and it it's not in good condition, or very easily rectified, walk away.
3) If you are spending lots of money on machine tools, make sure that they are correctly installed, leveled and bolted down. There is an art to getting machine tools set up correctly, and if you don't do it, you might as well have bought a cheap Chinese machine!
4) If you don't have any experience, go to a night school (might be difficult at the moment) as there are a few things to set correctly on these machines to get a good finish etc. These are things that you won't find in any book and can only be learned from a time served engineer!