With A few Caveats
I have a Jet, 1100 CFM or there about. It has two Penn State Industries 1 micron bags. The 4 inch hose gets moved from machine to machine as needed. My shop is a ONE person shop. I don't do any "Pay the mortgage" work. My time is fun vs. time is money.
I have a trash can separator in front of the dust collector. See below
http://www.woodworkingtalk.com/f32/trash-can-separator-plastic-garbage-bag-48965/
The separator cost about $60 and the interior plastic trash can was going to be recycled.
This system works for me, YMMV. (Your Mileage May Vary) Only you can tell if the system would work in your shop.
The above is pure fact and will apply to any shop.
In my shop, I empty the trash can every 3-4 weeks and the bottom DC bag about every 6 months. The bottom DC bag seems to contain only wood flour. I have not run the contents of the lower bag through a sieve, but it seems to be only wood flour.
I think that the DC cost $325 and the bags were less than $100. (It has been awhile.) Total cost about $500 then, probably $650 today. I have rewired the DC to run on 230 Volts and added a "Long Ranger" remote control.
In the "Perfect" shop, a cyclone would be "Perfect". If I were trying to make a living on woodworking, a cyclone would be "Perfect". The thing is that I'm a retired old phart and I have a system that isn't perfect but it works very, very well in my shop. AND at the time of my DC purchase, I had about a grand to spend on other things.