Mark, first let's talk bits. For an inexpensive bit dedicated to laminate, you could use one like those shown on the Laminate Trimming.pdf file I've attached. The SC28B sells for under $10. This style of bit is sold by many vendors. Whiteside is one of the best manufacurers of bits and Amazon has the SC28B on sale for $7.60 roght now. This style of bit is sometimes offered in 100-packs for about $500, for those who do a lot of laminate.
A mpre general purpose bit that will also do this is shown on the "Flush Trim.pdf" attachment. The SC2401 sells for about 16" but is designed to also trim wood and thicker surfaces than the laminate bit although the solid-carbide Laminate Trimming bit could be more easily resharpened and better for "rough-and-tumble" use.
As for me, I"m a woodworker who only had to install Formica on both sides of my 30"x52" router table but otherwise cut wood. For me the flush trim bit made more sense. If you are only going to use it for laminate, that may be a better choice for you.
As for a laminate trimmer such as the Colt (I have one and love it) it is really just a small lightweight router (only accepts 1/4" shank bits) that can be used for many applications. It doesn't have the power nor accept the larger (1/2") shank larger bits (I have two of those, one plunge-type and one not (mounted in a lift in my router table). While the Colt draws about 5-6 amps and weights about 5 lbs, my big routers weigh about 15 lbs and draw 15 amps. There's a wide range of routers available in the middle.
If your sole intended purpose for this machine is to trim laminate edges, I'd choose the Colt in a heartbeat. It's available in single and variable speed models and a couple of kits ranging from one with a straight-edge guide (which I have) to a high-end model with a several guides including a roller-type edge guide that would be used whereever you'd use an edge guide except for following more complex shapes.
In direct answer to your question, the Colt will work great for trimming laminate although if you already have access to a router you could use that one too. Laminate bits are designed specifically for what you are wanting to do. The Colt can go on and perform other jobs for you in the future as well.
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