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This has been beaten into the ground many times here and pretty recently to boot. Here are just a few of the threads:
http://www.sawmillcreek.org/showthread.php?t=14339
http://www.sawmillcreek.org/showthread.php?t=26912
http://www.sawmillcreek.org/showthread.php?t=54594
http://www.sawmillcreek.org/showthread.php?t=4567
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Don't go back to lurking, join in the discussions.
I started woodworking by helping my dad build kitchen cabinets for our house when I was 8 years old. He bought a set of old Sears woodorking tools from the 1950s and a college text book on cabinet making. This is when I was 8 or 9 years old, nearly 40 years ago. Back then routers were portable shapers and only used handheld. Shapers were available in small home shop size. We had a 1HP Sears shaper with a 1/2" spindle.
When I graduated from college and started my own shop I bought an old Rockwell 1/2" spindle shaper that was nearly identical to the old Sears at home. I eventually upgraded to a 3HP Powermatic model 26 that I still use today.
I use a 1 2/3rd HP router mounted under my bench but I rarely use it. I'd saw a 1 to 1.5HP Induction motor from a shaper is about the same as a 3HP router. The router is WAY louder with the typical high pitch whine. Shapers are much quieter. Shaper cutters are more expensive, but you can buy imported carbide shaper cutters in the $40 per cutter range.
If I had a choice of a 1.5HP shaper or a router table I'd pick the shaper but that's what I'm comfortable with.
For $600 I'd say look at used tools. Unless there is time crunch I'd think you could find a used shaper in that price range that would be better than a new one for $600. Shapers are very simple machines. Bearings, belt, that's about it.