I recently purchased a Record Doctor V for about $199. Before that time, I used a very functional but fugly, improvised PVC wand hooked up to a shop vac. I secretly lusted after a VPI but 'settled' on the Record Doctor.
I am absolutely thrilled with the Record Doctor, and now wouldn't want a VPI. The RD-V takes up a very small footprint...I keep it on the edge of my desk. It works wonderfully...I ordered the aftermarket bearing like others had done, and it's still in my desk drawer...tried it, really had no issue with the original, so I put it in the desk. I use a home-made cleaning solution that's commonly used by many AK'ers. I've had no issues in it overheating or making too much noise or anything like that. I even use the stock brush, though next time I get to a Lowe's I'll probably get some paint pads. No complaints whatsoever, and I've had mine for several months now.
What I like about it over less expensive solutions is that it's always ready and waiting, on the edge of my desk. When I want to clean a record, or several, I pop into my office and clean them...there's no dragging out a broken turntable or several pieces that I have to assemble, and a big shop vac or upright to drag out as well. There's nothing to put away when I'm done. It can sit right out by your stereo, if you wish, it's not ugly. I wouldn't go as far as to say it's attractive, but it's not something that says, "Look at me! Look at me! Look at this big ugly thing next to that beautiful stereo!". It takes up a much smaller footprint than a VPI, and there's no plastic tube to break and replace. From what I can tell, it does every bit the quality of cleaning that every one of the wet-vac offerings that cost more do.
So I guess you know which one I'd recommend. You can pay more for a wet-vac RCM and get more features, but your records aren't going to get any cleaner. Or you can pay less, but then you have stuff to drag out and put away when you're done...which discourages cleaning them in the first place.