Accuracy of CNC Mill

Can a CNC Bridgeport replace some basic lathe functions such as
cutting a bearing pocket for press fitting the bearing? Or are they
not accurate enough. My encoders will be high resolution (1000/4000).
What kind of overall accuracy can I expect?
I remember bringing a part to a machine shop about 15 yrs ago to
have a 5" hole bored in it. It was too big to put on a lathe.
The machinist used a CNC Bridgeport (I don't know what model) to
bore the hole with a endmill. The results were not very good. The
cut was very wavy and I would only call it a rough cut. This appeared
to be the limitation of the machine. I needed to use a boring head
on my home mill to make the hole round.
I know technology has come a long way since then.

Any comments appreciated.

Thanks,
Scott