FWIW, my first dust collector was a little machine as well - somewhat different configuration than the one you're looking at - but small. Since then I've moved up to a big honkin' 5HP cyclone, with a dedicated ducting system, and so on.
That original little machine is still working for me - it's dedicated to handling a sanding table in my shop. Still tickin' along, still suckin' up the dust.
As others have said, ANY dust collection is better than none.
As far as noise goes - I love to listen to talk radio when I'm working - for the longest time, if something interesting was being discussed on the radio, I'd wait until I'd heard what was interesting to me before turning on any equipment. Then my wife bought me a set of Peltor Worktunes. These are "ear muff" type ear defenders, which have a radio built in. I can now hear the radio whether machinery is running or not - and my rate of production has increased exponentially, as I'm no longer waiting to turn on the machines.