I have a portable dust collector with a 4" hose I use in my garage, and I really like it but I wish it was bigger. My next project is a small cyclone so I don't have to empty the bag as often.
Grizzly makes really good, inexpensive collectors, but the ones from Harbor Freight are actually pretty good too. You don't have to spend a lot of money to get halfway decent dust collection. It really does make the air quality in the building better. I don't have to keep cleaning my glasses when I'm using it. I've spent a total of $150 on dust collection.
An even better idea is one of the filter based air purifiers that you hang from the ceiling. They are easy to make yourself, and really cut down on the dust that settles out and collects on things. Either that or exhaust your dust collector air outside.
There's a good woodworking forum over at
www.sawmillcreek.org. There are people from all levels of experience over there and they are very helpful and into shop-made solutions. Just don't let them talk you into buying festool, or you won't be able to afford to eat.