Think of it as a drill press that's so beefy it can drag a spinning bit sideways through metal, and you have the concept. If you have a decent mill and lathe, you have the core of a machine shop, and can build anything possible through WW2 tech (though extra operator skill and patience may be required to compensate for the lack of computer assistance). Add some silicon intelligence, and you can build pretty much anything big enough to be seen by the naked eye, if the materials aren't too exotic.
Machinists will tell you the american built machines of the 50's and 60's are pretty much the most solid and durable ones ever built, though some of the euro companies have done as well, at vastly higher prices. (Taiwan is a small step down from that level, china a big step down from there, measured both by solidity and precision.) Solid is important in an organization that will let students or incompetents use the equipment, as it *will* be abused. Machines "just strong enough" will take far more damage from an operator blunder than will a "built like a tank" US industrial model. Vintage Bridgeport mills and South Bend, Monarch, LeBlond etc lathes etc are built on massive cast iron bases that are more stable and goof proof than lighter castings or piece-assembled frames you will see on modern asian machines.
The US probably now has 10-20% the number of machine tools it did 30 years ago; vast numbers were either shipped to china during the industrial exodus, or simply scrapped and melted down by liquidators uninterested in looking for a buyer for "that old thing". The exodus/liquidation is pretty much complete now, and what companies still survive have largely switched over from manually operated machines to CNC, so the heyday of "hey, honey, look what followed me home!" is over and we're now back to more steady state. Which means machines still appear at intervals, but that's not as frequent as it was a few years ago.
Used Bridgeports, if you don't get a sweetheart deal, currently run around $2500 in average condition. Even worn ones can be rebuilt, the toughest part consisting of a hand scraping procedure to straighten up the long guide surfaces, called "ways". That operation costs essentially nothing in materials, but a lot if you have to pay skilled labor by the hour to do it for you. (Scrapers charge around $200 per hour for their time, as they don't generate anything like 40 hours billable a week. If you have to pay one to fly to your city for the job... ouch.)
Given those prices, you can see why the light weight asian machines are popular with hobbyists; can't fault people for that. OTOH, if you look around at the high competence hackerspaces, you will see... Bridgeports. For the other reasons listed above. Which is a reason we would be well advised, if we're interested in a mill, to put together a fund, either pre-funded or at least pre-pledged, so we can move quickly when an opportunity arises, and arrive at a consensus whether we're willing to go the extra mile for classic US machinery, or go the asian/hobbyist route. You could make an argument for either decision, given limited budget.