I'd get as good a tablesaw as I could (and I'd definitely look for a good quality, used machine first), but I wouldn't want to operate most woodworking equipment without dust collection; aside from the respiratory issues, a shop all covered in sawdust is, to me, totally depressing, and I'm not at all a neatness freak. The biggest offenders in terms of throwing dust all over, IMO, are the tablesaw, planer, router, and lathe; bandsaw, jointer and drill press, a little less so.
No need, though, for an expensive, fully piped-in system running to all your machines, certainly not for a home shop; for under $300 you can get a very decent 2 h.p. system and drag the hose from machine to machine, as Cary suggests. Worked for me for years, and I did the work for a living.