You really have to know what you're going to use it for before you commit to one.
Take for instance Kit, he does a great deal of ceramic bead-blasted blades, so an upper end cabinet is not only desirable but required.
Then you have guys like myself that don't use one too much. I mostly use mine for cleaning up tangs before applying epoxy. For me, it would have been a big cost with little pay-off. So I went with the same one Andrew is talking about.
Mine is a side door, which makes for a much better seal on the Harbor Freight models available. I totally agree with what Andrew said on modifications. I would also add that you'd benefit from making the hopper deeper on these smaller ones, but that's a lot of work.
The lens protectors are cheap protection (as Rob can attest to!

).
The small shop vacs you can get at Sears, Home Depot, etc. for $25-30 make a pretty good collector for a cheap unit. Again, this is all stuff to make a cheap one work pretty well for occasional use.
Now if you have about $250 to spend to split the difference here, TP tools sells an AWESOME smaller bench-top type that has their deep style hopper, high quality gun, and their high quality in general. It is a very nice unit that would do any knifemaking work, just a little pricier. But you wouldn't have to do a damn thing to it and it will work great.
If I can get ahold of some ceramic bead I think I will buy that cabinet.
Good luck,
Nick