the collets go 1/8 up to one inch eh? not bad. doesn't look like ER40 style but that has the equivalent range. I take it that little collet indexing head is coming with it?
PS, .015" backlash is eff all, and you can't ever get away from backlash on a manual mill anyways. DRO makes it a freaking cakewalk... I don't even have one on my mill and I still pull off some serious precise work.