I bought a Accufinish series 1 from ebay awhile ago, it turned out to be new in the box.
i am quite pleased with it
i just have a fine 800 grit diamond wheel on it .
i was going to get a coarser grit wheel , but am doing fine without at the moment.
the only negative for me are that the wheel i have has some runout at the edge, but i think this is due to the countersunk set screw used to fasten the wheel being off center, as oppsed to a defect . this could be fixed by carefully cleaning up the screw in the lathe.
i would say it actually removes material at a fairly good rate, especially compared to doing the job by hand .
the machine could be easily reverse engineered.
it is just a spindle with speed reduction via large and small pulley wheel



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...as mentioned. I also found this webpage: 

