I was spraying this weekend, and took some pics of my setup.
The first pic shows my wood shop changed over to a paint shop. The stationary machines are wheeled back to make a big open area. The floor is covered with a plastic dropcloth (the heavy kind from the paint aisle at the Borg). That's it. There's no booth, and there's not even covering on the machines.
What I'm spraying is an eight foot by eight foot bookcase. You can see one module on its back in the middle of the shot. Two more modules are partially visible beyond the jointer/planer. The backs are standing up against the far wall of the shop. (I shoot backs separately, because the HVLP blows all the finish out of a concave thing like a bookcase or drawer.) There's also a drying rack near the far wall which contains a bunch of loose shelves.
My sprayer is an Accuspray 23K turbine and a Fuji XPC gun. I'm shooting a waterborne that General Finishes intends for spraying -- that is, it dries pretty quickly.
The overspray that lands on the drop cloth seems like it is part dust and part fluid; it builds up into a crust on the drop cloth, but not a nice flat finish like on the workpiece. The overspray that lands farther away is just dust. The finish droplets are all dry when they get to the table saw or the jointer.
The second pic is a shot of the drop cloth. The third pic is the top of the table saw. You can see where I've scribbled in the dust. At the point I took this pic, I'd sprayed about 3/4 of a gallon. As you can see, there's not much there, and it is all dust.