First "quality" in induction motors these days is almost entirely perception. Objective quality of domestic is almost uniformly high. You won't go wrong provided you spec the motor correctly. Buy Leeson, Doer, Dayton, GE, etc in smaller integral HP sizes in confidence.
Look at your application. If the motor is located near the cut zone it may be subject to chips and dust from machining operations. Here you'll need a TEFC (totally enclosed fan cooled) motor. If the motor is mounted out of harm's way you can use a less expensive ODP (open drip proof). The usual home metal workshop poses no problems for ODP motors - unless you also work a lot of wood and have no dust disposal system. Major dust: better use TEFC motors.
I suggest three phase motors even for home shops served by single phase power. Three phase motors run smoother than single phase and have no troublesome capacitor or starting switches. These days variable frequency drives cost no more than a new combination motor starter. You have the advantage of smoother operation, controlled accelleration and braking, slightly lower power costs, and simple controls right on the face of the VFD. If you wish you can integrate the VFD's controls in with the machine controls so it operates as originally intended but with variable speed..
VFD's come at all prices but some of the discount houses offer good deals. Shop carefully.
Lastly, good pulleys are expensive if you buy them. Choose between 1750 and 3450 RPM motors. If the motor runs too fast for the machine's input shaft, an inconveniently large ratio may be required. Woodworking machinery like table saws and jointers have spindles (arbors) that run 3000 RPM and up so a 3450 RPM motor makes sense. Drill presses, bench grnders, and bandaws run at lower RPM so their motors are generally 1750 RPM. Gotta keep your eyes peeled.
Most metalworking machine tools are intended to run with 1750 RPM motor and their pulleys etc are sized for it.
The question of low cost Asian motors often comes up. Their price is attractive and a home shop purchaser may opt for lower reliability in exchange for lower first cost. Asian motors are not automatically junk but you do have to shop carefully and anticipate a little post purchase TLC. I have Asian motors from 16 years ago but I did the extra work and so the motors are reliable.
