The belt drive has a threaded spindle. Watch those chucks, faceplates, etc, pop-off if you run the darn thing backwords.
Very true.
How old is your Grizzly? From what I can tell, the newer models use either D1-5 or D1-6 for chucks and faceplates. My 4003G is belt driven and uses D1-5.
On another note, the availability of a collet closer is a plus, though one can be made if the proper adapter can be found (MT5-5C, etc).