I don't call myself a welder, but I have done a fair amount of metal melting over the years, all with Miller products like the Gold Star, Synchrowave, Dynasty, etc. - so, I have always been partial to the "blue" machines. That said, however, I was never the one paying for them. And, for me, it would have been hard to justify the personal expense for a machine of that capability.
Last year, after I retired from my full time job, I was looking for a small TIG machine for home use. I was just about to purchase the Miller Diversion, when I happened to cut thru the welding classroom at the community college where I teach part time, and noticed a bunch of small "Red" machines. They were Lincoln Square Wave 200s. I talked to the welding instructor, and he said that they have given great service, and none of the students have been able to break one yet - which sounded like a pretty good testimonial.
So... I bought one. I have since used it a lot for small projects - both aluminum and steel. It is really designed for steel in the 0.045" to maybe 1/8" - 3/16" range, but one of the first projects I used it on had me welding 1/2" plate to 3/8" plate, so it will work on bigger stuff. You just have to make multiple passes, and keep the duty cycle down to around 10-20%, as the air cooled torch heats up really fast on the higher current settings.
I have also welded 0.060" and 1/8" aluminum with no problem. Although, once again, if you are doing a LOT of welding, that torch will get HOT, and you will need to stop and let it cool off. However, depending on you situation, this still may be preferable to dealing with a water cooling setup.
In any case...
Pros: Reasonably priced. Compact Portable Welds well on steel and aluminum. Foot pedal provides good control. Comes with a stick welding electrode holder if you ever feel the urge to strike an arc. Come with both 240 and 120 power cord. Can run on 120V - but only at lower amperages.
Cons: Fixed post flow time seems to use a lot of gas - but maybe that's to help compensate for no water cooling. Flow meter on the regulator is a little jenky, but it works. The first thing a buddy of mine, (who also bought one after trying mine), did was upgrade the regulator.
Hope this helps.
Best Regards...
p.s. The project mentioned above was to make a base for my Dad's 1930s era Craftsman vise that I had recently restored. Since this is the "tool" section, here is a pic.