I looked at a number of automated systems and, after a lot of Internet searching on various woodworking forums, opted for a more budget-conscious semi-automated solution.
1. 1.5-hp Jet dust collector attached via flex hose to a metal trash can with a cyclone lid as a first stage; most of the heavier chips are captured in the can rather than the collector, which captures the fine dust. This set-up lowers the CFM at the machine slightly, but it's much easier to empty the can than clean out the collector, which does not have be cleaned nearly as frequently (a messy chore).
2. 4" PVC pipe for duct in a single 20 ft run along one wall, then 4" flex hose to each machine (band saw, table saw, lathe, chop saw, floor sweep)
3. 4" manually-operated blast gate for each machine
4. Blast gates have attached micro-switches that close a circuit when the gate is open
5. The micro-switches are wired in parallel to a 24-volt circuit
6. A contactor connects the 24-volt circuit to the 110-volt circuit for the dust collector. Same set-up can be used for 220-volt collector so long as the contactor is rated for 220-volt.
This system works fine for me. My shop is small so it's not too inconvenient to open/close blast gates when I want to use a machine. One leg of the duct/flex hose has a "Big Gulp" dust shroud positioned near the lathe bed (a 12-24 Jet). It works fine for catching sanding dust. I do not rely on the dust collector for catching shavings from turning; it's not that efficient and would fill up the can very quickly.
One downside is I have to manually close one gate and open another when switching machines; there is not enough CFM for more than one machine at a time. Sometimes I forget to close a gate. This results in lower suction and more dust in the air than I would like. I suppose a circuit could be designed such that the collector won't run when more than one gate is open.
Hope this helps.