Gin, I am actually a fan of the flexing rod work out machines. I was an athlete in high school and college and fully understand the benefits of free weights. However, once I moved back home after school and starded working 7 days a week, I knew that even with a gym across the street I wouldn't go unless I had the equipment sitting right in my apartment living room.
I settled on the poor man's boflex and got one of those weider Crossbows. They had them on sale at Dick's for a good price. I was very, very happy with it. What I liked about it was there was no 90 degree sticking point like there is with free weights. After years of free weights, within a couple months of using this machine I actually felt stronger all around. Granted, I did not bench press as much as I did when I was an athlete (didn't really need to anymore). However, i felt the workout in my entire upper body because you have to really think about keeping the motion even and fluid.
The downside to the weider system was that bows would start to take a set flex after a little less than a year. Honestly, most people won't find this to be a problem. However, I sort of outgrew the stock "weight" and weider stopped selling bows for the Crossbow. Once my work hours got a little better (or at least more constant) and my wife and I bought our house close to another gym, I have started back on weights again.
My father now in his early 50's, once a hulk of a man, now has my Crossbow and he loves it. It allows him to still work out, but it doesn't require him to stoop over and strain his back picking up heavy weights. It also folds up a lot smaller than his weight system. He's lost about 7lbs since he started using it and has gained a little more flexibility that he thought he had lost about 10 years ago
Jake