Feathers-n-fur gave a great answer. It really does depend on the types of quilts you make. It's great for quilts with repeating shapes of the same size: HSTs, Hexagons, strips etc. As far as the applique shapes are concerned, you really need to ask yourself how many times are you going to use a particular shape to determine if it's cost effective. You can get used dies on ebay. A die cutter is a time saver, but for me the biggest advantage is accuracy.