I don't know about the merits of a smart vacuum but I do think I understand shop vac setups. I use a Rigid with a filter like this:
http://www.amazon.com/Ridgid-97457-VF6000-5-Layer-Vacuum/dp/B0029NY9XU/ref=sr_1_8?s=hi&ie=UTF8&qid=1457834458&sr=1-8&keywords=shopvac+heap
It pulls through a dust deputy and the vac and cyclone sit on a cart based upon plans from Woodsmith. The HEPA filter is $30. A 6 gallon Rigid vac is about $50. The dust deputy is also about $50. I put an autoswitch on which was about $40 and works even with my 15A table saw. A sheet of plywood is around $30. So for about $200 you can have a very functional shop vac with HEPA filtration. It's noisy but I wear muffs in the shop anyway. Nearly all the tools are noisy. Right now, this is all I use. It won't handle the planner or jointer but works for the other tools. I need the shop vac for the tracksaw and sanders and it works as well as my little DC did for the CMS and RAS and table saw.
I'm not claiming anything about DCs. But effective shop vacs for me start about $200. Not $600.