Chris,
Some have had less than stellar experiences with the woodcraft setup and others seem to be satisfied. The biggest downside to me is the fact that it uses collets that aren't easily found in sizes other than those that come with the set. With those 6 you will have gaps in your ability to hold stuff. I can see murphy coming into play there. Another downside is that you would probably want to use a drawbar to keep the unit in place in the MT.
Some have had problems with the overall accuracy and machining tolerances of the system. I don't have personal experience with that issue, so I'll reserve judgment (and just keep being VERY happy with my beall setup, best $$ I spent since my lathe, er PHD vise, er......well you know. [
] ) I bought my chuck from woodchips and my set of collets from 800watt on ebay.
Julia,
I think you will love using the beall setup on your bindes and other custom work. Very accurate holding.
(edited to add a point I forgot)