I have a Jet dust collector and it is great. I put it outside my shop so I don't have to listen to it. I then wired the plug in to two three way switches so when i walk in my grinding room I flip the switch and it comes on outside. I don't have to hear anything but the air sucking.
As far as the sparks go they make lids for garbage cans with a baffle in the middle. You fill the can about half full with water. The air sucks in one side of the lid and out the other. The baffle in the middle makes the air travel around it forcing the heavy steel sparks to fall in the water. Works great.
You won't catch it all though because some of the dust travels around on the belt and comes off in other places except for straight down. You should put in a air circulator with a filter for that extra dust. I just haven't done it yet, but I will.
If you figure the cubic feet in your room, for example 500, and its rated at 1500cfm, it means that machine will dump all the air out of that room three times in one minute. Giddy UP.

Mine empties my room about 8 times per minute, or so.
I have all my two belt grinders, two discs, buffer, and a few other things all gated so I can concentrate my airflow more efficiently.
I usually crack a window on the opposite side of my shop so it's pulling air across my shop, there for not allowing the dust to spread in an unwanted direction.