Unlike some here I do not use a table saw in pen making (prefer my band saw), but for flat work I would not be without either of mine. I have one set up for regular cuts and one with dado blades.
As far as turning goes, I find it very valuable for holding tools, blanks, woodchips, etc. I keep some plywood over the top of mine to keep the top in good condition. If you are doing a lot of segmented turning then it might be more useful. But the same can be done with a mitre saw and a sanding jig.
I have a band saw, CMS and table saw and use all three. When ever possible I buy boards instead of pre cut blanks then rip them to width on the table saw, and cut to lenght on the CMS. I cut plastics to width on the band saw and use it when cutting logs to sizes that will fit on the table saw. Each tool has its use but it all comes down to what the user feels comfortable with. If you think a cut is risky don't do it! Find another way or build a jig that makes it safe. If all you are doing is pens from pre cut blanks a small band saw is all you need. However when you see that 6 foot long x 8" piece of 4/4 cocobolo in the wood store that’s absolutely beautiful you might want a better way of milling it.
The table saw is the heart of my shop. It is instrumental for me in cutting blanks - whether it be for pens, batons, birdhouse ornaments, whatever - it is a precise, powerful piece of equipment that I couldn't do without!
I use my TS regularly also. When I can, I buy larger boards and cut them down with the TS, same as others do above. Here are the benefits that I get from my TS:
1. The ability to make square blanks that help in centering in the lathe chuck to aid in drilling the holes perfectly in the center; None square blanks and crooked blanks are harder to drill perfectly.
2. The ability perfectly square ends which really help when segmenting;
3. My TS makes glass smooth cuts which greatly help in determining the the layout of patterned grains before cutting for tubes.
This is not something that can be accomplished consistently on a jobsite saw or one that has been rough handled. IF someone is freightened of the saw, don't push it. Better to be safe than sorry.
I have a Makita 12 in sliding compound miter saw but do not use it on small pieces such as pen blanks. I personally feel safer using the TS for this.
I also have a bandsaw and use it about 40% of the time to rough out blanks in odd ball pieces of wood. But then I usually square them up on the TS.
I guess it's just a case of what you are comfortable with but I use my table saw more than any other power tool in the shop (except my lathe obviously). I still do a lot of flat work so it's mostly for that, but I also use it to cut pen blanks from stock and cut to length. It's far more precise and easier to use (with proper jigs) than my band saw for me. I know others use band saws for more straight work than I do, I tend to do that kind of stuff on my TS.
When I started.. I didn't think I would use the ts that much.. So I bought the smaller cheaper craftsman table saw. I think it was $99.00. I use it a lot more then I thought I would.. Wish I would have kicked in a little more for a better one.. I'll upgrade it someday..
I use all three saws, TS, CMS & BS, depending on what I'm doing.. I just use them all very carefully since I am firmly attached to the fingers and plan to stay that way.
Like Chuck, I also have three saws. I use the Band Saw more than the others right now, but it really depends on what project I am currently working on..... I used to use the TS a lot for cutting down wood for blanks, but that was before I got the CMS and then I got a BS. Right now the TS is another work table. I should take Kevin's advice and put a pices of plywood on top to protect it....[:I]