Is the 150 lb stack enough for real strength training?

It is fine for beginners and moderate cable work. Stronger lifters will outgrow lat pulldowns and rows quickly, since 150 lb is below what many cable machines offer.

How long does assembly take?

Owners commonly report several hours. The instructions are thin, so sorting parts before starting and having a second person helps.

Can I do leg presses or squats on it?

There is a leg developer for extensions and curls, but it is light. It is not a substitute for a squat rack or leg press.

Does it need to be anchored to the floor?

It is a freestanding frame, but anchoring or weighting the base reduces the flex some owners notice during heavier pulls.

What exercises can I do?

Chest press, lat pulldown, seated row, biceps and triceps work through the low and high pulleys, plus leg extensions and curls.

Is it good for a small apartment?

It has a smaller footprint than separate cable and leg machines, but it is still a full frame. Measure your space and ceiling height for the pulldown before buying.