I am considering upgrading my lathe and rather fancy the Axminster Trade AT508WL
Short story: It's very good.
Long story: it's very good and you should base your decision on your requirements. There are a few (about 30) small differences with the AT508WL which may not be apparent but which are nice to have:
The lathe bed can be mounted either way round. It can be mounted with the mid extension mount facing towards a workshop wall if you have/don't have the space. Or (more likely) it can be mounted with the mid extension mount towards the front e.g. with the m/c label plate to the back and warnings label to the front. The inverter box can also be mounted inboard at either end. The inverter fan stops when the stop switch is depressed but the display continues to be illuminated. There is an on/off isolation switch on the inverter box (I mostly use the switch on the wall socket). There are no vents in the box so there is no chance of dust getting inside and for cooling the lathe leg acts as a passive heatsink along with the steel box.
I have it with the mid extension mount towards the front and the inverter box inbound on the left leg. There are no wires going into the lathe bed because the inverter is in a separate unit that bolts to the inside of a leg. For setup this means you can completely remove the headstock and there are no trailing wires to the lathe bed. The same extension holes are provided (at the same height) at each end so you could extend at either/both ends and still have the centre height maintained. There are high and low mount points at either end of the legs but I think it's more convenient to use the mid extension mount. The bed extension is as deep as it is wide and is rock solid.
The lathe bed is about 200mm longer than AT406WL but you can of course position the headstock inboard. There should be little need to use the extensions at either end to increase the swing and the mid extension mount puts the forces down between the legs along the length of the lathe and not across the legs so it should be more stable in this configuration. For me this is a more compact (square vs rectangle "like") layout and you can store the extension underneath when not required. There are 3 pulley positions and the #2 pulley covers most needs: 100 - 2200 is a very convenient middle (everyday) range. For more torque and a slower speed the #1 pulley could be used or for high speed e.g. pen turning the #3 pulley could be used.
It's a heavy setup e.g. 280kg lathe/legs + 30kg for the extension. The banjo is deep/substantial and the tool post is 30mm. Using the mid mount you have an extension that comes out 520mm and with the headstock rotated, clearance is out to at least 500mm radius (equivalent to 1000mm swing) with easy access via the banjo and 300mm tool rest. A tool post extension is also provided but it's not needed when using the mid extension mount. The banjo is lower in this position so it provides additional clearance but the tool post can still be used. Without the extension it's also practical to swing the head outwards and still reach across with the banjo and tool rest e.g. to comfortable turn the inside of bowls without being "over" the lathe bed.
The tailstock has a working travel of 160mm which provides good clearance for the bigger tool rest although the 150mm tool rest is convenient for smaller projects. Some small (but welcome additions) are 3 way live centre, index pin that's magnetic and meets the spindle at 10:30 o'clock position e.g. have both hands free to detach a workpiece. There is an access cover (bolts) to access the headstock bearings. The lever for the tailstock is at the end (not behind) which is very convenient and the tailstock handle is fully machined round and works well. The lathe bed is wide and the headstock is square so the distance between bearings is maximised. The headstock pin is underneath between the bed ways and the headstock/tailstock are held with a circular flange and the quoted distance between centres is comfortably exceeded.
Some differences between the supplied lathe and the Axminster description/illustrations are: mid extension mount point is now towards the front (or they switched the labels), travel of quill is 160mm not 135mm. The inspection window has no red index mark and there are no (upside down) 1 - 24 index marks on the pulleys (easy to select using the hand wheel and lock).