I have a cheap round wood one from JoAnns. I've been quilting for 10+ years now and this is the second one I've had to buy (first broke) so for the $$ I think I'm ahead of the game. It's a bit larger than elbow to fingers across. I can have a 12" block loose in the hoop and quilt the whole block. I have no stand or anything as I like to lean back in my chair and quilt.
It's what works for me. If you're just starting out, try it. You may progress to something else down the road but at least you won't be out major $$ for something that might not be right for you.