Ok, well the budget has been upgraded substantially in the interests of having something that I will be able to use for the long term.
So I've purchased a Bosch 1617 with the table base, which gets me 1/2" shank, top-of-table adjustment, and variable speed.
Now I just need the bit.
I'm sorely tempted by the Freud Adjustable bit set with additional cutter for glass doors. I know I've been led to water and I should just drink the Sommerfield, but it seems like for $30 more I get a whole lot more versatility with the Freud. And I most of the doors I would likely build in the future are not going to have glass in them, and most of them are likely to be panel doors (where the shimming would be nice). It also looks like I could change profiles for much less than the cost of a new bit set.
So other than price (which I will cope with, pun possibly intended), what's wrong with the Freud set?