Welcome back. Over the last few years, I have rescued this metal lathe from a scrapyard and fully restored it. It is a Halifax 524, a slightly heavier clone of an Atlas lathe. When I got it, it was missing everything from the motor, electronics, chuck, and toolpost, and even the upper countershaft had to be fully remade.
One of the main missing parts was the change gears and banjo assembly, meaning the lathe had no working power feed. This electronic version allows much greater control of speeds and feeds, even adapting while the lathe is cutting. This lets you change the speeds to remove chatter etc.
Having now used this for a while I can say that it is an absolute game changer for turning large pieces or repetitive work. Being able to suddenly reverse and use the rapid traverse button is extremely helpful. The only downside is that you can no longer do single-point threading, but I don't mind because mine couldn't do that anyway!