I have a Bailey and like it. No regrets. It can be used in a sit-down situation or put on a frame. I use mine as a sit-down. It is just a plain jane--fm quilts, period. I got mine for $1,500 and has a 15" throat. I think the 17" throat is about 500 or so more. And recently they've come out with a 21" throat for about $3,000. It has a stitch regulator which doesn't regulate stitch length, but regulates speed of stitch. That's about $600 more.
I don't have the stitch regulator. I've found that, after using it a while, I can regulate length of stitch and speed of machine without it.
Also you can buy a PC Computer software that will attach to your frame. With that you can do anything that the longarm pros do. It's very expensive though.
It is pretty much a Janome machine inside. The only problems I've had is with tension. From what I've read on our Baily-specific forums, not everyone has the same problems. Mine is picky about thread/tension. Other than that I really like mine. I worried about who I would get to repair it (because it ships from a small company in NY), but I was told that any Janome repair man could fix it. Also, Chuck (the owner) will pretty much walk you through a lot of your issues on the phone with no charge.
My biggest complaint is not about the machine. It's ordering. They are a small business and have lots of business, so sometimes your online order can go astray. You're best served by calling them on the phone and then be sure to call back after a week or two, because even that can get lost. I don't think that happens a lot, but it did happen to me.
This machine is a workhorse, though. It is inexpensive and gets the FM job done well. My advice when buying one to buy the biggest one you can afford. I have a 15" and it does all sizes. However, the weight of my 120" King that I'm working on presently, is very heavy. I can quilt it, but it would be so much easier with a few more inches within the throat.
I suggest you sign up to the Yahoo group and to the FaceBook page for Bailey Home Quilter. Then just look around at the issues they are talking about and look at pics of quilts they're quilting.