[pescadero]

To answer the question about what tools you really need, you need to understand how table saws, miter saws, and circular saws are used. Essentially these saws perform one of two functions: ripping or crosscutting.

The table saw is a fantastic tool for ripping. A good table saw is a not very portable precision instrument. The circular saw is portable, and it is nowhere near as good for precision work as a table saw. for ripping anything that requires any degree of precision, my choice is a table saw, hands down.

What about crosscutting/chopping? Again, a good table saw is not very portable, but you can perform some very accurate crosscuts with it. In comparison, the miter saw is also precise and is quick to set up for chopping and its portable.

I'll take the opposite tack of what most people are telling you, and say that if you own a good table saw and you know how to use it, then a miter saw is nice to have, but totally unnecessary. While you certainly can put one to good use if you've got it, there's nothing you can do with a miter saw that you can't do every bit as well as with a table saw. The difference is that a miter saw performs chopping tasks quickly, and they're very popular with framers (house framers) for just that reason.

Some of your choices will depend upon whether you want to build a stationary wood shop or whether you want to have tools that you can haul to a construction site. Some of your choices will also depend upon the degree of precision that you desire when you make your cuts.

In setting up a stationary wood shop my first choice for a saw would be a table saw. You can do many, many things with it. I've been woodworking for 40 years and I have multiple table saws, a radial arm saw, bandsaws, scrollsaws, circular saws, jigsaws, sawzalls, dovetailers, dozukis, yada yada, but I still don't have a compound miter saw. I've never found a compelling need for one, as I already own tools that can do everything that it does. But then when I build cabinets, I don't need to do the sort of volume with a chopsaw the way that a construction framer would need them for making many repeated similar cuts.

Bear in mind that miter saws are a relatively new invention. They haven't been around for that long. Woodworkers have managed for thousands of years without them.

If you are looking for a miter saw, 12 inches provides more cutting capacity than 10 inches, but costs more. If you're not doing to do really big stuff, then you won't need 12 inches and you won't need a 12 inch slider unless you plan on building a house and cutting 2x12 or fence posts. For 99% of what you'll be doing, a 10 inch compound miter saw will probably be fine. Once you go shopping, prices will probably guide you. A 12-inch compound sliding miter saw will set you back about $600. A 10 inch compound non-slider will cost hundreds less.