Seems like the major competitors in this field would be: Hard Core, Bader, Burr-King, and Wilton (roughly in descending order of price, from what I've seen). In the lower end of the price spectrum, you have Enco, Grizzly, and Harbor Freight. Then, of course, you have the Deltas, the Craftsmen, and the Black and Deckers--all serviceable machines for the cost, but go into them with the awareness that they weren't really designed to handle metal, and so they may not last long (I know of folks who swear by 'em, and folks who mostly swear AT 'em...)
Belt sizes vary pretty widely, according to taste, although 2x72 and 2x48 seem very popular.
You wouldn't want to go with less than 1/2 HP, or you won't have the cajones to hog off the steel, and if you can afford Variable Speed on your motor (expect to pay for this little feature, though!!), go for it--it'll broaden your usability in ways you can't begin to imagine.
Small extras that add up in price also carry immense value in usability--get something with a tool rest, even if you never intend to use it. It's easy to take things off, but--as I'm discovering--it's considerably harder to fake it if the feature isn't on the grinder to start.
Anyway, I'm sure others will chime in with a much more informed opinion than mine, and they'll be able to catch the many points that I know I'm missing. This is my $.01099999999999, for what it's worth.
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Vaya con Queso!!!