Get the most adjustable speed model you can find and get a chuck that will adjust for all the shank sizes. Get lots of cutter disks, get a bunch of craytex both rods and wheels. Don't spend much on any of the various diamond tips. Some of the course grinding wheels, Check out Ebay and find some 1/8" shank carbide burrs, the pear shaped one are best. Another handy dandy is one of the small drill press stand that hold a Dremel.

I have quite a few and a small tackle box that I store the tips etc in. Most of mine came from pawn shops where you can often find them with some tips for $20-25. One of mine stays in the drill press stand. I mostly use it for drilling small holes to do double stitching on knife sheaths, but it also be used to drill small numbered bits under 1/16". I use the carbide tips, the cutter disks and the carbide burrs for about 95% of my Dremel work.

Yes you can Bubba up stuff with a Dremel. You can also do a lot of fine work with them. Know when and how to use it and which ttooling. Just like any other tool.