Lubricated pumps have better sealing and can pull down to lower vacuums. But they are not the preferred type for woodturners. We do not need the extreme levels of vacuum and the oil will trap any wood dust that gets through the filters creating more maintenance.
Dry or oil-less pumps are preferred for our applications. Oil-less pumps are designed for continuous operation and long life. I know of some that are used for air sampling that run continously for several years without having any problems. There are three types of oil-less pumps available; diaphram, piston and rotary vane. All can work well for our vacuum systems with a wide range of prices. Used pumps can be a good bargin if they are not worn out. Sometimes it is worth getting a rebuilt kit for them. Rotary vane pumps will backflow loosing your vacuum when turned off. Diaphram and piston pumps have reed valves in them limiting or blocking backflow upon pump shutdown.
I hope this helps,
John Giem