I got to turn on the Rikon 70-500 right after it came out. I was doing a demo at the Woodcraft store in Allentown PA, and several Rikon big shots were there. As they were going to be in attendance, I was asked, to "push it". So I did. 😀
Once we got the proper belt placement figured out, the machine had plenty of power. I had a chunk of walnut on it about 18" in diameter and 9" thick, and I laid into it with a big ole gouge. Shavings went everywhere, and the lathe kept up with me. The speed control worked fine, the lathe itself was nice and solid, and the motor had plenty of power. I did not care at all for the placement of the control box. Rikon had (at the time) several points on the lathe where the control box could be "snapped in" and held securely. Unfortunately, they were all places where I could either not see, not reach, or it got in my way. I do not know if that has changed since I used the lathe.
I demoed on the same lathe in Baltimore - very same lathe, since the people who own the Allentown store own the Baltimore store too - and it still ran fine after being in service in a classroom shop for some time. I cannot say anything about the service for Rikon, since I do not own any of their tools, nor can I speak to the longevity of the lathe or its electronics. The Woodfast lathe design is proven over time, and is a solid machine. Quality control is an issue of which I have no knowledge either. But for the time I used it, it held its own with other lathes in the same category. If I had to pick between it and the Powermatic, I would probably go with the PM, just because of their customer service record, and the sliding headstock. That is a real plus when hollowing bowls or hollow forms.