As far as power carving I'm Foredom's biggest fan. I highly recommend the TX model with a foot control and 44t handpiece.....that's all. Most kits just give an array of bits which come with it and are mostly useless in terms of specifics that you would use for your particular discipline. I was a Foredom dealer many moons ago. I find the micro-motors even more appealing...very small with no flexshaft to get it the way.They are not good for doing massive wood removal. The rare-earth magnets make them more powerful than you may think for the size and also more expensive than you may want to spend. Foredom has great support for its users and is by far a step up from a cheap import.
However........how often are you going to use this thing? If the answer is not so much.....maybe the cheapy is in the cards. I think a TX Model is more versatile than a big die-grinder and just a powerful. Check ebay for pricing. I don't think there are a lot of great deals out there...but it's possible. try these guys www.thewoodcraftshop.com
You can also buy direct from them MSRP at http://www.foredom.net/. You can see what's available.