Oneida makes the best systems out there that I have seen. A cyclone is a must eventually. You will get some chunks of wood, rags, shavings, a light bulb, the cat, or whatever sucked into the collector. Without the cyclone, anything sucked up first has to go THROUGH the impeller or fan blades that apply the suction. This will clog them up, bend, and/or break them. I have a centralizes system, which is in a closet. There is as much noise from the air going through the ducts as there is from the motor, but it isn't bad. Ideally, I would have an outdoor shed for it and the compressor so it isn't taking up shop floor space. I do vent the air back into the shop, and with a 1 micron filter, and good seals on the ducts, there is no dust emitted back into the shop. Do get a pleated paper filter if you can. You get several times the surface area for the collector to vent into than you do with the bags.
robo hippy