router or shaper?

If this is an either / or situation, then I'd recommend getting the router and table. Since you can use the router independant of the router table, this combination is much more versatile than a shaper. This depends on the type of work you plan on doing as well.

Ditto on jeff12002's reply!

Larry, although they perform many of the same functions there is a world of difference. It's a safe bet you wouldn't want to throw a shaper into your vehicle to run and do a repair for a friend. By the same token you wouldn't want to run router bit's non-stop all day long for heavy commercial production. For the average person a router and table are the cost effective solution. Production shops benefit from the shapers longer lasting cutters and greater power. Most shapers cost substantially more than a good router and table set up.