I thought I'd chime in with my opinion. While I do have one or two Ryobi or the like low quality tools, I find that if you are going to make frequent use of a tool, it pays to buy quality. While a Ryobi may cut perfectly when you get it, after a few years of being thrown under your workbench, it will not be the same, you need to treat it with Kid gloves. Craiglist is a great place to buy high quality used tools, I would pay the same for a used but in good condition Porter Cable router as a new Ryobi.
I'll have to admit to having a plunge base and hardly ever using it (only once in a circle jig for my subwoofer), but I have a friend who claims they make a great substitute for a drill press for perfectly vertical holes. When I was a woodworking n00b I would buy steel bits, but no more, only carbide. Yup they cost a lot more, but if you're making arcade cabinets, you can get a set of bits that will do most of your tasks for $50-$75. In fact, I bought a carbide set of Ryobis, and they are fine (I just don't like their power tools!). You will still be using your steel bit when it is old and dull, making crappy routes and being dangerous while you're at it. I have yet to dull a carbide bit. I If you really get into woodworking, the other posts are spot on, you will end up spending more on bits then the router(s). A single set of rail and stile door bits start at $100.
Finally, my favorite topic and that is the router table. I had been thinking of buying one for some time, then I chatted with a carpenter friend. "Don't waste your money". I ended up mounting my router in a piece of birch plywood and made a fence from some old formica, total cost $25, with a working surface much larger then a $150 purchased table. If you are going to do a lot of routing, making a table is well worth the time.