I do not buy many power tools from HF but my mortiser is an exception. They ran an ad for a $99.00 mortiser and in a weak moment I bought one. You know what? It cuts square holes! I have had it 4 or 5 years and would offer the following:
1) Square holes (Oh, I said that)
2) The three chisels they provided are similar to those provided with the Delta drill-press kit and they do a pretty good job (1/4", 3/8", 1/2"). They are sharpenable with a diamond cone sharpener.
3) Seems to have adequate power for most work (I have cut to 1-1/2" deep or so)
4) The stock hold-down attachments absolutely suck. You can get there but they suck.
5) The switch crapped out after about four years. Simple toggle switch cost about $3
6) The bushing that fits inside of the main body casting, that also accepts the chisels seems soft. I have leaned it and the inner race with emery cloth a couple of times.
7) The plunge handle is straight. It should be curved to allow a full plunge cut. Also the threaded hardware that holds it in place (and some other threaded hardware) is cheap and soft. Cheap to replace.
8) The base is not aligned well with the rest of the machine - Oh well what can you expect?
Now for the Donald Rumsfeld questions/answer session:
Is this the only mortiser I will every own? Lord I hope not!
Has it be a useful addition to the shop? Yes. A lot better than nothing!
Do I consider it to be one of the better tools in my shop? Get Serious
Can I do serious mortising on furniture projects? Yes, but I take some time to make sure the chisels are tight in the head and I supplement the Mickey Mouse hold-down hardware with clamps. Some day I might fabricate better hold-down hardware -- or go buy a better mortiser.
PS: I saw one in a HF store this past year for about the same price.
RonB