Depends on your budget, but you should really consider dust collection as important to a shop as a table saw or miter saw. If you are willing to spend up to 2k, get a stationary cyclone model and run hard ducting from it with blast gates. Cyclones have the most suction power, and handle both dust and chips equally well.
If you're willing to spend just under 1k, get an impeller driven portable model, add a two-stage add-on such as a garbage can and a special two-stage top for it, and also run hard ducting from the machine to the tools (you'll effectively be keeping the unit stationary, although it is on wheels and made to be portable.
If you're willing to spend up to about $600, get an impeller driven portable model, with the two-stage collector add-on mentioned above, and move the collector around to each tool as needed. You won't be able to add hard ducting and blast gates if you're only going to spend $500-$600 and want a decent impeller model dust collector.
If you're budget is only a few hundred dollars, you're basically limited to a shop vac, which will limit your dust collection abilities.
FYI: my shop is a dedicated one car garage (10' x 24'), and I have a Jet impeller model dust collector (model CK1100). It has the 2 micron filter canister (upgraded from the cloth bag, which was only 30 micron or something...not very good). It cost me $550 all-in at The Woodworking Show last year. I have it stationary in a corner, and I ran two branches of 4' hard galvanized pipe from it, with a total of three end points, each with an automated blast gate (one end is dedicated for the miter saw, one is dedicated for the table saw and the third has a 20' hose on the end that I can connect to each of the other tools as needed). In addition to the dust collector itself, I spent another $100 on automated JDS blast gates, about $100 in pipe and elbows, about $100 in flexible hoses, about $50 for a two-stage can cover and garbage can and about $75 is Rockler Dust Right handles and fittings. All in all, I am very happy with the performance and efficiency of my set-up. I only run one tool at a time, so I get adequate suction (two tools...not so much), I can use the two-stage set-up when planing, and the Rockler Dust Right stuff makes all of the connections very versatile and convenient.