loom is probably more satisfying to get working right, but the knitting machines are a joy to just stare at while they're working. Hypnotic.
Even hand knitting is slightly better -- cast 250 stitches on to a circular needle then start the next row, only to find 10 rows later you've twisted it and are now knitting a Moebius sweater. Rip it out and repeat (sometimes referred to as "frogging" or "tinking").
Yeah, knitting machines are satisfying in many ways.