I own a Bailey! (and I think I posted in this thread about it already, LOL) It's a 15", and I love it. As I mentioned in my earlier post in this thread, I started with a 9" Juki, and ended up hating it -- you just can't do very complex patterns, especially as you get towards the end of the quilt. I learned about the Bailey on Yahoo Groups:
http://groups.yahoo.com/group/homequiltingsystems/ (devoted to general home quilting setups)
http://groups.yahoo.com/group/Baileyquiltingmachines/ (just for Baileys)
I've only done one quilt on it so far, but it turned out really well, considering I'm a complete and total newbie to quilting in general. With the 15" throat, I would easily be able to do 8" - 10" patterns. I did a pantograph pattern on my first quilt, because I find the idea of free motion quilting intimidating, and I like having a set pattern to follow. I practiced the same pattern over and over for a few hours before starting, and then did the quilting itself probably in about 5 hours.
Pros: large throat that allows for larger patterns, very reasonable price for what you get. Relatively easy to use once you get the hang of it (I had some issues initially, but I've got everything straightened out now). Great customer service from Mr. Bailey himself.
Cons: not a lot of bells and whistles like you would get with a true long arm. Things are a little jerry-rigged together, although they are functional. Extra cost: the stitch regulator -- some people can function fine without it, but I personally could never do quilting without it.
I bought mine used for a very reasonable price that included the stitch regulator. If you post on the Bailey Yahoo Group in the Database->For Sale or Wanted section that you are looking for one, then people who are selling will contact you (doesn't hurt to do the same in the Home Quilting Systems group, either). There's also a couple of complete systems available for sale in the database as well, but if you're not looking for a frame, that won't be much help to you.
I'm happy to answer any questions about owning a Bailey -- I'm no expert, of course, but I'm getting the hang of using it now, and am really happy with it.