Hi Rob,
For the weekend wood warrior Mastercraft and the like work great. I really only invest in certain items, ie table saw, measuring devices and the tools you know you will be using alot. As you get better or use them more. When something goes replace it with better.

As for your quersitons:

  1. There is always a time and a place for a miter gauge. It depends on the work your doing. I myself know quite a few guys that have set up their tables without a slot for it. I myself did, mainly because I knew that I needed it for some of my future plans. honestly the slot is so cheap why not put it in.
  1. Which bearing are you meaning? on the bit or on the router? like in #1 there is time when you can use both. I myself use bits with bearings probably 98% of the time.

If you dont like what you can buy, build it.