I just found that there is a PTX die for the Hornady. If you buy one of those for every caliber you load, then the cost of a caliber change goes up a bit, around $10 for each caliber. That means that a caliber conversion is much more comparable.
Something to think about.
I actually don't like the PTX insert that Hornady sells for each caliber, they did not work well for me. I found a universal PTX insert through a company called Powderfunnels, and it works great, and you only have to buy it once... I forget the price, maybe around $30/$40 IIRC. I have an adjusted lower die for each caliber, and just pop the Powderfunnels PTX insert in when changing over calibers, couldn't be any easier.
To the OP, I went through the same decision making process a few years ago when I was considering what progressive press to get. I ended up going with the Hornady LnL AP, and have been very satisfied. I honestly don't think you can beat the value, and features of the LnL AP. Even though its less expensive, it is not a "trade off" decision when comparing to Dillon, as the quality, and service is there, the only thing missing is the extra price.
That being said, I know Dillon makes a very good machine, so I'm definitely not against the idea of a Dillon. If you've got plenty of cash to spend, and like the features/operation of the Dillon, I'm sure you'd be well served by the machine. I really never see anyone with a Dillon, or the latest version of the Hornady LnL AP complain about their equipment.
Things I really like about the Hornady machine, besides the value, is:
* The overall quality of the press, it is a nice machine.
* I like that its auto-indexing, and that it is a five station press.
* The half index rotation does make for a smooth operation.
* Its very easy to take a case in and out of the shell plate if you mess something up, or need to check a powder charge.
* The priming system is a very good design, and very easy to change from large to small (truly no need for a second machine, just for the convenience of primer change overs; talk about extra expense!).
* The LnL bushings are a great design, and really do make for simple, and inexpensive, caliber conversions.
* The powder measure is top notch.
* The powder measure inserts make for an excellent, inexpensive, and easy way to keep specific loads calibrated. I have a pistol caliber insert for each caliber that I load, once you have it dialed in, you can just plug the insert in, or out of the measure, and keep your settings. These also adjust very easily if you want to make changes.
* I forget the exact pricing comparisons, but if I remember correctly, apples to apples the Hornady was much cheaper than the XL650 for caliber conversions.
I got the optional case feeder for the LnL last year. Overall, it works pretty well, but does have a couple of quirks that can make things annoying. It tends to sometimes tip the case as it goes into the shell plate, requiring you to adjust the case with your finger to bring it fully into the shell plate (it just needs a little nudge, if it happens it's a quick thing..). I've found that this can usually be resolved by tinkering with the adjustment so that the feeder arm is adjusted 'just right,' but getting 'just right' has been frustrating, at times. Again, overall, it works pretty good, I just wish it was more consistent, or had a different mechanism that ensured more of a controlled feed of the case into the shell plate. Still faster than hand feeding each case, and was not a very expensive option for the amount of speed it gives you.
Despite this being a pretty hot potato topic, most people will tell you, you can't go wrong deciding between the Dillon and Hornady. I think more people have Dillons, so you will get more people advocating for them. Dillon's service is excellent, and from everything I've read so is Hornady's. I have not had any parts issues, so I've never called them for that, but my understanding from reading about this, is that they also stand behind their equipment.
At the end of the day, I could have afforded either the XL650, or the LnL AP, and opted to go for the Hornady (since then I lost my job, so I guess I feel even better about saving the $400/$500...). I just liked a couple of the features of the LnL better, and even though I had the money, I did not want to pay extra for no perceived advantage with the Dillon. If I had determined that the Dillon was clearly the 'better' machine, I would have paid the extra money and been done, but that was not my experience.
I'd make the same decision again today. But, that being said, if I do ever buy another machine, I might give the 650 a try, just to see for myself how they work side-by-side, and over time... Plus, then I could just tell everyone they should buy a Dillon! :0