The delta is great, however really suited for larger machines like table saws and jointers.
You have two types of waste, chippings and dust. some machines like jointers produce large chips that would really quickly fill a small bag. Other machines like sanders, or routers will produce fine dust that is dangerous to breathe.
the second link above means the dust is already in the air and you are breathing it, and MDF is really really nasty.
so, i would suggest if you are circular saw / router / sander type person, and even for some work on table saw, to get a much smaller vacuum unit, or dust extractor, rather than a chip collector.
even a top top of the range festool vacuum is well below your budget:
http://www.rockler.com/product.cfm?page=18132&site=ROCKLER for $465.
If you do a lot you'll go through bags, however you can get a "lifelong" reusable bag.
If you are not a serious woodworker, or even if you are and just don't want the rolls-royce of dust extractors, the Fein models on Rockler are also great.
i suggest a "good" woodworking site like rockler (not home depot types) would provide what you need with any of their vacuum.
the footprint is also much smaller than a chip collector, and you can use them as an actual vacuum when you are done!